Mortgage approvals down on average

AOL Money Staff
Houses for sale
Houses for sale

More evidence of tighter mortgage availability emerged on Wednesday after figures showed approvals remain well down on their long-term average.

The number of mortgage approvals for house purchase rose 1.5% to 49,860 in March but this is down on the previous six-month average of more than 53,000 and is a sharp drop on the relatively strong month of January, when nearly 58,000 approvals were recorded, Bank of England figures showed.