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Bank of England stats indicate recovery in housing market activity

Figures released by the Bank of England show the number of new mortgage approvals for home purchases were a seasonally adjusted 107,000 in September, up less than1 per cent from 106,000 in August.

Compared to last year, mortgage approvals are now 24.4 per cent higher, contrasted with the fall of 42 per cent last November.

Mortgage approvals in August are now above their average over the last decade of 99,000 per month and have risen by 40.8 per cent since the low point of 76,000 in November 2004.

The Bank of England figures confirm that a gradual recovery in housing market activity was maintained in September.

The renewed interest in the market is also evident in the number of new buyers enquires which rose for the fourth consecutive month in September.

But the Royal Institute of Chartered Surveyors adds that the small size of the increase in mortgage approvals from last month could show that the rise in activity followed by the interest rate cut may be close to peaking.

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