U.K. April mortgage approvals rise from March low

LONDON (MarketWatch)– British mortgage approvals totaled 38,704 in April, the British Bankers Association reported Tuesday, rising from an upwardly revised 35,546 in March. The BBA initially pegged March approvals at 35,417, the lowest since the statistical series began in September 1997. Total approvals were down 39.4% from April 2007 and remained below the six-month average of 41,995, the BBA said. Approvals of remortgaging loans jumped to 74,722 from 60,410 in March, the BBA said.
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