Mortgage approvals only increased by 165 in October, but the figure has almost doubled over the past year, the BBA says. The number of mortgages approved by banks for house purchase rose by just 165 in October, but is almost double the figure for the same month last year, the British Bankers' Association (BBA) said today. The number has been rising steadily since activity in the housing market reached a trough early this year, and at 42,238 is now 97.7% higher than last October. and just 6.3% lower than in October 2007 when house prices first started to go into decline. Meanwhile, the average value of house purchase loans rose by 11% over the year to £142,000. This could be a reflection of rising house prices and an increase in the number of higher loan-to-value mortgages being made available by lenders. Remortgage activity continued to fall, however, with the number of approvals for borrowers switching loans dropping to 20,685 from 21,054 in September. The figure was 61.8% down on
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