Loan Demand Remains Low but Mortgage Figures Improving

Mon, 01 Jun 2009

New figures from the British Bankers’ Association (BBA) have revealed that lending from high street banks fell to an eight year low in April. Demand for personal loans remains low, whilst gross mortgage lending fell to £7.9 billion in April, down by £800 million on the previous month and £2 billion below the six month average. The figure is 52.4% down on April last year. Meanwhile, the value of an average home loan for a purchase is down by 16.7% on last year, at £129,100.

There was some positive news, however, as the number of mortgages approved for house purchase rose to 27,685, up by roughly 1,000, and above the six month average of 23,812. Gross lending for house purchases also increased to £3.5 billion, up by £100 million, and £600 million above the six monthly average.

Experts suggested that the improved mortgage figures may indicate that the market has finally bottomed out, after a seemingly relentless series of interest rate cuts. Nicholas Leeming, director of Property finder.com, commented that the results were a clear sign that the outlook for the property market was improving.
add to favouritesnewsletterlink to this pagesend to friendpost comments

Link to this page

Copy and Paste the following HTML into your page.

 

 

newsnews rss
Personal loans news
BBA Reveals Home Loan Dip - Mon, 26 Jul 2010
Government to Conduct Personal Loan Review - Thu, 22 Jul 2010
Positive Home Loan Trend Continues in May - Fri, 16 Jul 2010
More News
Simplyhealth Dental Plan
Affordable cover from only £7.50 per month. Join now and get first month FREE
Amex Cash Back
Credit Card
Get 5% cash back on purchases with Amex
Income Protection Insurance
Get an instant quote with the award winning company

Paying Too Much?

7 out of 10 people are paying too much for their mortgage. To find out if you're one of them click here or fill out a FREE no obligation enquiry form