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East Midlands Chamber News

Strong performance for property sales

Rising confidence in an economic recovery is confirmed in property sales figures released this morning by the British Bankers' Association.

It announced that mortgage approvals were up by a third in October this year compared with October 2012.

Gross mortgage borrowing of £9.9bn in October was higher than in September and some 32 per cent higher than in October last year.

The number of mortgages approved was 33 per cent higher than a year earlier and the number of remortgages was 18 per cent up.

Today's figures follow data released last week by the Land Registry saying that stamp duty revenues were up by £400m compared to a year earlier to £1.2bn - a rise of 46 per cent compared to a year ago and higher than during the property boom peak of 2007/8 - meaning a huge increase in the over-£125,000 housing market.

DNCC Quarterly Economic Surveys have shown growth in business confidence in both the two past quarters. For details, follow this link.

According to the BBA, borrowing by business rose sharply in September but fell back in line with the recent average in October.