25 Feb

Lending and approvals 'are up'

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".ADNFCR-1222-ID-18481470-ADNFCR

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