- Charles Bean, the BOE's deputy governor for monetary policy
The number mortgage approved by the British Banker's Association rose more than initially expected in the previous month, giving a positive sign for the British economy. Mortgage approvals jumped 6% numbering 37,129, compared to 31,200 in the preceding month. The data came above analysts' expectations of an increase to 32,300. An improvement in data signals that the government's Funding for Lending Scheme is having a positive impact on the nation's economy. In the meanwhile, gross mortgage lending added £7.5 billion in October, up from £7.3 billion in September.
"You would expect the lags to be longer in the case of the corporate side than on the household side," said Charles Bean, the BOE's deputy governor for monetary policy.
"We expect UK growth to pick up somewhat in 2013 as this uncertainty gradually subsides and global growth increases," said Anna Leach, the CBI's head of economic analysis.
"Despite the apparent pick-up in October, the mortgage market today is little different to how it was 12 or 24 months ago," said Dan McLeod, director of estate agent Atkinson McLeod.
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