BBA reports rise in mortgage lending

Date:Wednesday 24th June 2009
Author: Max Freedman

The British Bankers' Association (BBA) has reported an increase in the amount of money lent by high street banks to consumers in the form of mortgages.

It revealed that mortgage lending rose by £2.3 billion in May compared with the previous month.

Commenting on the figures, 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."

He went on to say that high street banks are still seeing lending growth and improved mortgage availability is being reflected in high average loan approval values.

Meanwhile, Sue Anderson, head of member and external relations at the Council of Mortgage Lenders, recently predicted that there will be further increases in the number of mortgage approvals granted by banks and building societies in the UK.