Official figurers released by the Bank of England show that mortgage approvals increased more than expected in February. There were 38,000 approvals in the month, up from 32,000 in January.
Citing a BBC article, Vicky Redwood at Capital Economics believes February’s household borrowing figures suggest that housing market activity may finally have turned a corner. However, approvals have a long way to go before they get to levels that are no longer consistent with falling house prices - in fact they need broadly to double.
Well, at last some positive data has come out, and what with the clocks springing forward and Jenson Button winning in the Aussie GP what a good way to start British Summer Time!
However, it’s not all good news this week as unemployment figures creep up. David Blanchflower, Bank of England Monetary Policy Committee member, warned that unless the government takes drastic action to tackle the recession, spending up to £90bn on new projects, unemployment could double to as high as 4 million.
Quoting from a Telegraph article:
‘The Bank’s forecast is that there will be a strong recovery and that this will pick up later this year, but there are strong arguments about why that won’t happen,’ he said. ‘The problem is that in forecasts [economists] tend to be over optimistic. Likewise, the probability is that unemployment of 3m is an underestimate.’
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