The total value of all the mortgages that were approved in Jan came to £4.6 billion which is an increase on the previous month of £900 million, however, this is only a small amount compared to the estimated monthly average of £1.6 billion or even as large as the February increase of £1.5 billion, although, the total sum of money approved through mortgages in Jan, £4.6 billion, was well over the monthly average.

There was also good news from the building societies, the amount of mortgages approved by building societies rose to £1,542 million, compared to the £742 million approved in February.

And finally, there were also figures released by the British Bankers Association regarding lending rates to small businesses. They said that their figures showed that lending to small businesses had risen by £271 million in Jan.This has had a knock on effect of reducing small business insurance premiums for many companies. 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 sound good, mortgage approvals don’t really affect us now, it’s mortgage lending that’s more important and the actual mortgage lending in Jan rose by £800m which is alot less than the monthly average of £1.2 billion.

Although all of the above figures are good news for the housing market and economy, there are still worries how house prices could slump again, however, even if the house prices continue to rise, the economy is still in a very fragile state.

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