25
Feb
Lending and approvals 'are up'
Mortgage lending in January improved slightly on the previous
month, as the number of approvals for mortgages also grew, the
British Bankers' Association (BBA) has said.
Net lending for mortgage purposes rose by £5.2 billion in
January, the organisation stated, up from £4.9 billion in
December.
On top of this, mortgage approvals jumped from 42,343 to 44,288,
while remortgaging was also popular, rising to 79,016.
David Dooks, statistics director at the BBA, claimed that the
housing market still has life in it and that the industry may not
be as "subdued" as previously thought.
"The strength of remortgaging would suggest competition for
mortgage business and switching remains high," he commented.
He added that the remortgaging trend meant that consumers were
attempting to seek out the best deals.
This year, house prices will fall by six per cent, JP Morgan, the
analyst, has warned. The firm argued that the situation is
"bleak".