But consumer credit and demand for re-mortgaging remains subdued
British banks approved 81.4 per cent more home purchase loans in August than the same month a year ago but consumer credit and demand for re-mortgaging remained subdued, a survey showed yesterday.
The British Bankers’ Association (BBA) said that 38,095 mortgage applications were approved last month.
That was similar to the 38,186 approved in July but significantly higher than August 2008 when activity in the housing market had almost ground to a halt.
The figures chime with other surveys showing that record low interest rates have helped stabilise Britain’s housing market after sharp price declines last year.
However, BBA director of statistics David Dooks noted that the big banks had picked up market share from smaller lenders and the broader picture may not be so robust.
‘The main high street banks’ mortgage lending has stabilised in a market where other lenders are largely inactive,’ he said. Continue reading
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