Mortgage approvals up for third month

The Bank of England has released figures showing that the number of mortgages approved for house purchases in April rose 8 per cent. Although the number of mortgage approvals was down 21.9 per cent in year on year figures, it was the third month in a row approvals have increased, leading to hopes that activity is picking up. Of the 1,623 mortgage deals on offer, two-thirds still require a deposit of at least 25 per cent and a quarter want 40 per cent.