BBA: Mortgage approvals up 3% in February

| March 23, 2011 | 0 Comments
BBA: Mortgage approvals up 3% in February

The British Bankers’ Association (BBA) has today revealed a slight rise in the number of new mortgages approved by the major banks in February.

According to the BBA, the number of new mortgages approved in the month stood at 29,923 – marginally better than January’s level of 29,159, albeit lower than economists forecast of 29,350.

However, mortgage approvals were down 11% on the year.

In the meantime, the BBA said 27,144 remortgage loans were approved during February - up from 26,417 in January.

Commenting on today’s figures, BBA’s statistics director, David Dooks, said: “Mortgage lending remains subdued, with only remortgaging on an upward trend, as borrowers lock into lower rate products currently available.”

The figures come shortly after HM Revenue & Customs (HMRC) revealed a slight rise in the number of homes sold in February in the UK.

According to HMRC, 57,000 homes worth at least £40,000 or more were sold in the month – 4,000 more than January‘s levels.

Today’s figures suggest the housing market will remain subdued throughout 2011 due to economic uncertainty and ongoing mortgage restrictions.

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