BBA Reveals Home Loan Dip

Mon, 26 Jul 2010

The British Bankers Association (BBA) has revealed a drop in the number of mortgages approved for house purchases in June. The UK’s major banks approved a total of 34,813 home loans during the month, representing a slight decrease on the 36,418 approvals in June. Though the figures meant that net mortgage lending rose by 4.1 per cent compared to the previous year, the figures were below the six month average of 37,027, and the lowest since February.

The figures arrive just a few days after the Council of Mortgage Lenders announced that gross mortgage lending was at its highest level of any month so far in 2010 in June, highlighting the disparate conclusions that can be drawn by using different measures.

The BBA also revealed that people continue to show an eagerness to repay their existing unsecured debts, rather than taking out more borrowing through personal loans, credit card or overdrafts . Overall, repayments exceeded new borrowing by 2.7 per cent over the past 12 months, with new personal loan lending down by 19 per cent on a year ago, as consumers repaid £314 million more than they borrowed on personal loans and overdrafts.
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