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BBA figures show small recovery

Latest figures from the British Bankers’ Association have shown a small recovery in house purchases in April.

A total of 38,704 new mortgages were approved last month, up from the 35,546 in March. However the figure is still 39.4 per cent down from the same point 12 months ago.

The BBA highlighted an “exceptionally strong” level of remortgaging levels in April as homeowners switched lenders in a bid to find a better deal.

Remortgaging levels rose from 60,410 in March to 74,722 in April.

As expected, approvals on housing purchases continue markedly down on 2007 figures.

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