Mortgage approvals reach 16-month high fuelling hopes of an upturn

The number of mortgages approved by British banks rose by a quarter in the 12 months to May, but over the same period the value of outstanding loans secured on properties dropped by 0.2%.

Seasonally adjusted figures from the British Bankers Association (BBA) showed the number of approved homebuyer mortgages reached a 16-month high during the month, at 36,You will see Cleaning service sydney , competitive price and first-class service.102, as government attempts to stimulate the housing market appeared to gather momentum.

The average mortgage increased by 3,000 to 159,200, and the total value of approvals for house purchases rose to 5.5bn.Remortgage activity also picked up, accounting for 20,675 approvals worth 3bn.

The figures add to the picture of an upturn since the start of the year,A card with an embedded IC (Integrated Circuit) is called an Domestic cleaning sydney. with Funding for Lending leading to a flurry of cheap mortgage deals and Help to Buy boosting interest in newbuild.

However, the BBA's data showed outstanding lending by banks continued to contract. In May, 9bn worth of capital was repaid by borrowers during the month, outstripping the 8.6bn of new loans. This is the fifth month running that net lending has been in negative figures.

Some of the redemptions were a result of an increase in remortgaging. The BBA said these approvals among its members were up 17%, and on top of this, some borrowers will have switched loans to building societies.

Matthew Pointon, a property economist at Capital Economics, said: "Mortgage approvals are gradually clawing their way back up after five years of very subdued activity, and government interventions are likely to mean this improvement continues."

But he warned: "As recent events in the US highlight, market conditions can change quickly once support is withdrawn, and any house price gains are unlikely to be sustainable."

Unsecured borrowing also rose in May, although, again, there was a contraction over the year. Outstanding borrowing was down by 0.9% on May 2012's figure, driven by a 6.7% contraction in debt held in the form of personal loans and overdrafts.

Credit card borrowing grew by 6.7% year-on-year and new spending on plastic totalled 7.8bn in May.

Howard Archer, chief UK economist at IHS Global Insight, said the increase in unsecured credit suggested that people felt "a little more prepared to borrow" than they did through much of 2012.

"It may also be that a recent increased squeeze on consumer spending coming from overall higher inflation and low earnings growth, means that some people are having to borrow more to finance any major spending," he said.

A Flagler Beach man was arrested early Tuesday after he started a fight with a 7-Eleven employee, brandishing a fake, plastic gun in the air and seizing the stores phone when the employee tried to call 911.

The employee, Edward Vaught, tackled the man, Christopher Munson, and held him on the pavement outside the store until deputies arrived and detained him, according to an arrest report.

The incident began late Monday evening, when Munson came into the store and was acting suspiciously, Vaught told deputies. Vaught said he was unsure whether Munson had been stealing, but that he didnt accuse him of doing so.

Munson left, but came back around 4 a.m. Tuesday and appeared to be upset with what took place earlier in the evening, the affidavit says. The two men began to argue in the gift card aisle.

When told to leave the store, Munson refused, so Vaught threatened to call the police. When Munson still didnt leave, Vaught went behind the stores counter to call 911, but Munson yanked the phone away, and the two men began to fight.

Vaught said he grabbed Munson and struck him several times before Munson pulled what appared tob e a black gun from his pants, aimed it at Vaught, and threatened to shoot. Vaught then rushed around counter and tackled Munson.