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Bank of England: House purchase approval figures flat in April

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House purchase approval figures failed to show any significant improvement in April, according to results published by the Bank of England today.

The number of loans approved for house purchase stood at 53,710 in April, representing £8bn, against the six month average of 53,729 and the 53,674 loans approved in March.

The number of approvals for other purposes was 12,580, representing £0.5bn, and was down when compared against the six-month average of 13,900.

But the number of approvals for remortgaging was 30,313, representing £4.3bn, which was up on the previous six month average of 28,323.

Hometrack strategy, risk and economics director Gary Styles says the data is disappointing, with overall volumes down 0.5 per cent in the month and remain around 3 per cent lower year-on-year.

Average volumes in the first four months of this year have been around 95,000 compared to over 97,000 in last quarter of 2012.

He says: “Even house purchase lending remained broadly stable in April but are still around 5 per cent higher year on year.

“We would need to see total volumes rise to over 100,000 a month to enable us to describe the market as on a steady recovery path.”

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