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£1bn in mortgages added to national debt management

£1bn in mortgages added to national debt management

- Tuesday, 2 June 2009

The UK debt management burden grew by £1 billion more in April than in the previous six-month average as mortgage approvals rose, new figures from the Bank of England show.

Overall, the national debt management balance was increased by £5 billion in April alone.

This compares with an average of £4 billion in mortgages approved during each of the previous six months.

During the same period, almost 10,000 more individuals took out mortgages, adding to national debt management efforts.

From the previous six-month average of 33,845 loans approved for house purchases, in April the total reached 43,201.

The UK debt management burden has now risen on both a three-month and 12-month basis.

However, the Royal Institution of Chartered Surveyors has warned that some households' ability to afford mortgages could yet be impacted upon by rising unemployment.

As such, the organisation predicts that the growth in the mortgage market could slow as the remaining months of 2009 go by.ADNFCR-2300-ID-19198039-ADNFCR
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