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23/06/2009
Mortgages Reach 13-Month High
Mortgage approvals in the UK have risen to a 13-month high in May, new figures published today have shown.
The British Bankers' Association (BBA) said 31,162 loans were approved for people buying a property during the month – 7% more than April, which saw 29,018 approvals.
These figures represent £4 billion worth of approved mortgages, and this is down from just 1.5% a year ago. However, the mortgage market remains troubled with the level of all mortgages approved down 43.8 per cent.
Meanwhile, the BBA's data shows borrowing on credit cards have dropped owing to householders' economic uncertainty.
BBA statistics director David Dooks said: "Steady monthly increases since last November have seen the number of loans approved for house purchase recover to levels seen in early 2008, although gross and net mortgage lending show a subdued wider mortgage picture.
"However, unlike much of the mortgage market, the high street banks are still seeing lending growth and improved mortgage availability is reflected in higher average loan approval values."
He added: "Consumers' borrowing appetite remains weak, reflecting uncertainty over household circumstances, so credit growth is negligible and spending activity on credit cards is down on this time last year."
(JM/BMcc)
The British Bankers' Association (BBA) said 31,162 loans were approved for people buying a property during the month – 7% more than April, which saw 29,018 approvals.
These figures represent £4 billion worth of approved mortgages, and this is down from just 1.5% a year ago. However, the mortgage market remains troubled with the level of all mortgages approved down 43.8 per cent.
Meanwhile, the BBA's data shows borrowing on credit cards have dropped owing to householders' economic uncertainty.
BBA statistics director David Dooks said: "Steady monthly increases since last November have seen the number of loans approved for house purchase recover to levels seen in early 2008, although gross and net mortgage lending show a subdued wider mortgage picture.
"However, unlike much of the mortgage market, the high street banks are still seeing lending growth and improved mortgage availability is reflected in higher average loan approval values."
He added: "Consumers' borrowing appetite remains weak, reflecting uncertainty over household circumstances, so credit growth is negligible and spending activity on credit cards is down on this time last year."
(JM/BMcc)
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As the Bradford & Bingley - a former building society - saw shares plummet more than 30% as its stocks fell across the wider banking sector, news of an overall downturn in mortgages has emerged. The number of mortgages approved for people in the UK buying a home fell to a new low for the second successive month in April, the Bank of England said.
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Consumers smash £1 trillion debt barrier
The credit boom has reached a new high, with British consumers now owing more than £1 trillion on their credit cards, mortgages and loans, it has emerged today. According to the Bank of England, consumers took on £11.23 billion more debt in June – tipping personal debt over the trillion-pound mark for the first time.
Consumers smash £1 trillion debt barrier
The credit boom has reached a new high, with British consumers now owing more than £1 trillion on their credit cards, mortgages and loans, it has emerged today. According to the Bank of England, consumers took on £11.23 billion more debt in June – tipping personal debt over the trillion-pound mark for the first time.
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