Mortgage – Banks approve more mortgages for home buyers in October
The number of new mortgages approved by the main banks for house purchase grew slightly in October.
Figures from the British Bankers’ Association (BBA) show they rose from 42,073 in September to 42,238 last month.
The figures reflect the continued slow increase in activity in the market since the turn of the year.
Other figures from HM Revenue & Customs (HMRC) showed a further rise in house sales in October, to 90,000.
Rising sales
The number was 10,000 up on the September figure, and more than double the low point of just 41,000 recorded in January.
It means monthly sales are now 13% higher than a year ago.
But sales in the third quarter of the year were still less than half the number in the same three months in 2007, at the start of the credit crisis.
While the value of all mortgage lending is growing, other forms of personal bank lending are still dropping, the BBA said.
“The longer it takes to emerge from recession, the longer we will see households and businesses continue to borrow with caution,” said David Dooks, the BBA’s statistics director.
“The banks’ mortgage lending, still growing by more than 4% a year, shows one aspect of consumer behaviour but unsecured borrowing is subdued and people are building up deposits,” he added.
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