Mortgage approvals up

Mortgage approvals increased by 19 per cent during February, according to Bank of England figures. There were 38,000 approvals in the month, up from 32,000 in January, which surprised pundits, giving them hope that low interest rates and falling house prices may be encouraging buyers back to the market. Consumers are growing uneasy about the outlook for the economy, however, as last month saw also the biggest repayment of consumer debt since records began in April 1993, with consumers repaying £245 million more than they borrowed.