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Mortgage approvals rise in September

It has been announced that mortgage approvals in the UK rose from 32,000 in August to 33,000 in September, a substantial improvement on market expectations.

This is the first increase in actual mortgage approvals since 2007 and while still a third down on levels for last year thankfully the figure has not fallen any further. This would however indicate further substantial pressure on house prices where the forecasts for recovery seem to fluctuate between experts with some suggesting next year and others suggesting 2013.

Whether we are starting to see the UK government rescue package terms start to impact upon the market or this is something of a rogue month remains to be seen. While some may see this improved figure as a reason to retain interest rates at current levels we are highly likely to see a further reduction in the short term as the Bank of England can no longer afford to take a more long-term approach.

In a further boost to the chances of a recovery in the economy it has also been revealed that consumer credit rose by just £251 million in September which is the smallest rise since February 1994. While it would be foolish to use one months data as evidence of a sea change there are nevertheless signs of encouragement.

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