Mortgage approvals rose for first time in 6 months

The number of mortgages approvals has risen for the first time in six months, according to the Bank of England's figures for November.

Just over 48,000 loans were approved for people buying a property but overall net mortgage lending, which includes redemptions and early repayments, fell sharply.

But there has also been some positive news for the economy as manufacturing grew at its fastest pace in 16 years during December, according to the latest survey by the Chartered Institute of Purchasing & Supply.

Sarah Hewing, from Standard Chartered bank, said the mortgage approval was still way below the level of 2005-07.

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