RICS: BBA January mortgage approval figures

Commenting on today's BBA (British Bankers Association) Simon Rubinsohn, RICS chief economist said: "While first-time buyers may be struggling to find finance to get a foot on the residential ladder, there are increasing opportunities to refinance for those who already own property. This reflects the greater willingness on the part of lenders to pass on base rate cuts to this group of borrowers. It does however throw into sharp relief the claim that a weaker housing market will necessarily be good news for first-time buyers."