BSA reports rise in mortgage approvals

More mortgages were approved in March than in any month since November 2008, according to the latest announcement from the Building Societies Association (BSA).

The organisation has revealed that, although the £1,542 million total of approvals was down year-on-year, these represented an increase on February's figures.

Adrian Coles, director-general for the BSA, said that it was only to be expected that the figure would rise in March.

"Even adjusting for seasonal influences this is the highest figure since November," he explained.

"Although this may suggest a very slight recovery in activity in the housing market over the next few months the environment nevertheless remains very challenging."

His comments come soon after the Bank of England indicated that 39,230 loans were agreed for house purchases during the course of March, compared to the 37,716 recorded in the previous month.