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Bank of England flags up housing market recovery

31 August 2005
The latest mortgage figures released by the Bank of England (BoE) indicate that the UK housing market is experiencing a gradual recovery.

According to the BoE, the number of new mortgage approvals for home purchases rose to a seasonally adjusted 97,000 in July, up slightly from June's figure of 96,000.

The gentle rise in mortgage approvals contrasts with a dramatic fall of 42 per cent last November, with an increase of 2.1 per cent registered over the last three months, the Royal Institute of Chartered Surveyors (RICS) observed.

In the wake of further statistics from estate agents indicating that buyer purchase enquiries increased in July for the second consecutive month, the RICS stated that it expected the housing market upturn to continue.

Factors such as the August interest rate cut, a milder economic climate, and the relatively stable employment market would help housing market activity to continue firming slowly, the surveyors' body stated.

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