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BankruptcyNews
Junior Member
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 Posted - 27 June 2007 : 13:21:53
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Banks see rise in new mortgages
British banks approved nearly 205,000 home loans in May, the highest number of new mortgages since last November.
The figure is up by nearly 20% from April's figure and 2% higher than the same month last year, the British Bankers' Association (BBA) said.
However, the BBA said higher mortgage numbers was due to banks offering better deals than other lenders, rather than a booming housing market.
Recent housing market surveys have shown price growth moderating.
Both the Halifax and Nationwide house price surveys show that house price inflation has recently steadied at between 10% and 11%, following four rate rises by the Bank of England in the past year.
But it appears that banks are still attracting new mortgage customers, either borrowing to fund house purchases or remortgaging.
"Mortgage lending strengthened in May, reflecting an improved competitive position, rather than a general rise in mortgage demand across the market," said David Dooks, BBA director of statistics.
Last week, the Council of Mortgage Lenders (CML), which represents banks and building societies, said mortgage lending was beginning to slowing.
The CML said lending growth was much slower than earlier in the year, when mortgage lending was rising at an annual rate of between 12% and 15%.
Source: bbc.co.uk
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Banks see rise in new mortgages
