Mortgage Approvals For House Purchase Highest In Over Five Years..

Date Published 02 October 2013

The number of mortgage approvals for house purchases in August was 62,226, the Bank of England has reported.

It is the highest monthly total since February 2008 and compares with a monthly average of 56,597 over the six months to the end of August.

However, economist Samuel Tombs at Capital Economics noted: `Although the level of approvals is at its highest level since February 2008, they are still around 40% down on the levels seen before the financial crisis.`

He said banks are `still very cautious about who they lend to`.