The amount of mortgage approvals in March this year has risen by 4% to 39,230 and according to the figures released by the Bank of England, the rise in mortgage approvals might continue going up.

The sum of all the mortgages approved by the banks in March came to £4.6 billion, this is a total increase of £900 million on the previous month, however, this increase is not as large as the estimated average of £1.6 billion or even as large as the rise in approvals we saw in February of £1.5 billion, however, the total amount of money that was approved in mortgages in March, £4.6 billion which was well over the estimated monthly average that was calculated using figures from the previous 6 months.

There was also some good news from the building societies, the overall amount of mortgages approved by them has risen to £1,542 million compared to the previous month’s approvals of £742 million.

And finally, there were also figures released by the British Bankers Association regarding lending rates to small businesses. Their figures showed that lending to small businesses had risen by £271 million in March this year. However, these figures do not match with the results that the Treasury Committee released saying how small businesses are finding it harder to borrow money from the banks.

Although these figures may sound good, mortgage lending is more important that mortgage approvals, the mortgage lending in March rose by £800 million which is not as much as expected and a lot less than the monthly average of £1.2 billion.

Although of the above figures are good news for the economy, there are still concerns that house prices could slump again and take us back to the beginning, however, even if they house prices continue to rise, the economy is still is a delicate state.

Are you moving house in London? Discover one of the best South West London Estate Agents or maybe you are after Balham Estate Agents.