Bumping along the bottom means just that... bumping. So there are bound to be occasional ups as well as downs. Their significance is relative to historical data, not just last month's. So, news from the Council of Mortgage Lenders that there has been a 4% rise in new approvals in February isn't bad news; but - with remortgages still -60% and new loans -50% from where they were a year ago - it's hardly good times either. First-time buyers are, its generally agreed, what makes a healthy market move. Included in the CML report... ftbs are contributing average deposits of 25%.

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