BBA: Mortgage approvals rise in June

Date:Friday 24th July 2009
Author: Susanna Kavka

The number of mortgages approved in June was up on the previous month, new figures reveal.

According to the British Bankers' Association (BBA), the UK's major banks agreed a total of 35,235 loans for home purchase over the 30-day period.

This was an increase on the 31,919 recorded during the previous month.

In addition, 28,133 remortgage agreements were approved in June, compared with 25,825 in May.

"Numbers of new home loans approved by the high street banks are recovering from the very low level last November and so far this year, gross mortgage lending has topped £50 billion," stated BBA statistics director David Dooks.

He went on to say that the increase in mortgage lending supplied by banks during the first half of 2009 is in "sharp contrast" to the rest of the market, which is still contracting.

Claiming to speak for 223 banking members, the BBA is an association for the banking and financial services sector.