The number of loans approved for house purchase in January rose modestly on the previous month, new figures reveal.

According to the Bank of England, the number of loans approved for house purchase was higher in December than in the previous month.

Commenting on the data, the Royal Institution of Chartered Surveyors (Rics) said the Bank's numbers complemented its own figures.

"The modest rise in mortgage approvals in January is broadly consistent with the picture painted by the Rics new buyer enquiries series so the increase announced today did not come as a complete surprise to us," asserted the body.

Some 74,000 mortgage loans were approved by lenders in the first month of 2008, while remortgaging activity has also been picking up.

Rics attributed the growth of remortgaging in part to the ending of many fixed-rate mortgages.

Recent figures from Abbey Mortgages show that British parents have given their adult children loans totalling £27 billion in order to assist them with property investment.
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