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Increase in mortgage approvals 'might provide more work for tradespersons'

Industry professionals with approved electrical or plumbing qualifications could find that their services are increasingly in demand, following figures released by the British Banking Association (BBA) that mortgage approvals increased last month.

With potentially more Britons moving into new homes and needing repairs or appliance installations carried out in their recently-acquired properties, electricians, plumbers or gas workers may witness a boost in available work.

According to the BBA statistics, mortgage approvals grew from 42,073 in September to 42,238 in October.

Katie Tucker, technical manager at mortgageforce, commented that "it is encouraging that the appetite for borrowing has increased".

She went on to add that first-time buyers could soon find more properties available to them, predicting that house prices will drop throughout November, December and January.

There were 20,685 remortgaging approvals in October, while the number of successful mortgage applications last month was 97.7 per cent higher than the same time in 2008.

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