BBA: Mortgage lending remains subdued
The British Bankers’ Association (BBA) has today revealed a slight rise in the number of new mortgages approved by the major banks in March.
According to the BBA, the number of new mortgages approved in the month stood at 31,660 – marginally better than February’s level of 30,178.
However, mortgage approvals were down 10% on March 2010 levels.
Today’s figures suggest the housing market will remain subdued throughout 2011 due to economic uncertainty and ongoing mortgage restrictions.
Last week, the Bank of England said mortgage approvals rose in March. According to the Bank, there were 44,000 loans approved in the month, up from February’s 43,000.
However, the figure remains well below the 51,000 approved in the same month a year ago.
In addition, the Council of Mortgage Lenders (CML) last week revealed mortgage lending for March was 2% lower in March on an annual basis.