UK property market stabilising, says report

The British property market showed signs of stabilising last month after figures today revealed a surprise increase in January house purchase mortgage approvals and a hike in remortgaging activity.

The British Bankers' Association (BBA) said the number of mortgages approved for people buying a home by the major banks rose to 44,288 last month - higher than expected by analysts and an improvement on the record low seen in December.