BBA Mortgage Approvals increased to 37,300

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Wednesday, Mar 25 2015

BBA Mortgage Approvals increased to 37,300, beating forecasts on rise to 36,900. Richard Woolhouse, Chief Economist at the BBA, said:“The increase in mortgage approvals is welcome news and a sign that the housing market is beginning to improve. We’re seeing stronger demand for mortgages as consumers take advantage of some of the very competitive deals currently available."

“Demand for loans and other types of personal borrowing is rising at its fastest rate since the financial crisis. Consumers are feeling increasingly confident about buying big ticket items, such as cars or home improvements, as the recovery really begins to take hold.Personal deposits grew very slowly as alternative savings vehicles remain attractive, particularly the new pensioner bond.”

After the data Sterling rose and is currently being traded few points above 1.4880 level. Pair is likely to find support around 1.4830 and resistance above 1.4850 area. Later today, in the US session, Durable Goods Orders figures are scheduled for a release.

More in this category: « German Business Climate reached its highest level since July 2014 Durable Goods Orders unexpectedly fell in February »

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