9,000 APPROVALS ABOVE PREDICTIONS IN MAY

Mortgage approvals in May surpass predictions made by the Bank of England with 9,000 above the 105,000 predicted. Although the increase in the number of approved applications is evident the total worth remains steady.

Mortgage advisers are now worried that this is a sign that the recent base lending rate increases have not succeeded in cooling down the housing market. Concern also addresses the possibility of future base lending rate increases based on the continuing increase trend.

As general credit consumption has registered an increase of £842 million in May surpassing predictions of 500 million for the month, specialists consider a raise in base lending rate a certainty.