"Despite the recent pick up, housing market activity is still low compared to long-term norms"
- Howard Archer, an economist at IHS Global Insight
U.K. mortgage approvals rose to 59 thousand in January, the highest level in more than two years, announced the British Banker's Association on Wednesday.
"Despite the recent pick up, housing market activity is still low compared to long-term norms," said Howard Archer, an economist at IHS Global Insight in London.
"And despite current signs of improvement, the economic fundamentals still look far from rosy for the housing market with unemployment high and likely to rise further, earnings growth muted, debt levels high and the outlook uncertain."
"In addition, credit conditions may well tighten, making it harder to get a mortgage."
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