Mortgage approvals rise to 13-month high

Tuesday 23rd June 2009

Mortgage approvals rose to a 13-month high in May as the housing market continues to show potential signs of a slow recovery.

New figures released by the British Bankers' Association (BBA) today show the number of approvals for house purchase numbered 31,162 last month, compared to 29,018 in April.

The figures represent £4 billion worth of approved mortgages, down just 1.5 per cent on a year ago. However, the mortgage market remains in dire straits with the level of all mortgages approved down 43.8 per cent.

BBA statistics director, David Dooks, said high street banks were opening up lending, but demand remained weak, especially from remortgage customers.

"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 said.

"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." ADNFCR-1783-ID-19231651-ADNFCR

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