BBA high street bank data presents mixed picture

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BBA high street bank data presents mixed picture

Tue 27th May 2008

Mortgage lending strengthened last month from March, mostly off the back of increased remortgaging activity, but was still six per cent lower than in April 2007 at £17.8 billion.

Approvals for house purchase were down 39.4 per cent on the previous year, while approvals data for remortgaging was "exceptionally strong" in April.

Year-on-year growth in credit card borrowing dipped slightly last month to 4.9 per cent, while repayment continued to outstrip new spending.

Meanwhile, annual growth in loans and overdrafts also fell slightly to 3.6 per cent.

BBA statistics director David Dooks said: "With some £18 billion of new lending and nearly 150,000 loans approved in April, it is clear that, contrary to some reports, the mainstream mortgage market has not ground to a halt."

The National Association of Estate Agent's April housing report found that the housing market is stable, but consumer confidence remains shaken.

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