UK mortgage approvals rise to six-month high in March

LONDON: Mortgage approvals in Britain rose in March to their highest level in six months, but were still 14 percent lower than a year ago, data from the British Bankers' Association showed on Tuesday.

Mortgage approvals for house purchase rose to 38,751 in March, up from 37,543 in February and the largest amount since September last year.

The BBA data are generally a good guide to trends in more comprehensive Bank of England lending data due on Friday, but do not include lending by mutually owned building societies, which accounts for almost a third of mortgages.

The BoE data have also shown mortgage approvals picking up, hitting a six-month high in February and suggesting the housing market could start to regain momentum.