Mortgage approvals increased in July, but below seasonal expectations

Mortgage approvals and the amount of new lending increased in July, but were less than expected for this time of year.

Mortgage Approvals
The British Bankers Association (BBA) has published figures which show an increase in mortgage lending during July, compared with the previous month.

The new lending is being offset by an increase in mortgage repayments, however, so the net rise in mortgage lending is the lowest since October 2000.

Households appear to be consolidating their financial positions rather than taking out personal loans as consumer credit fell by £0.2 billion and personal savings deposits increased by £2.5 billion in July.

According to David Brooks, BBA statistics director, “The numbers of mortgages approved for house purchase each month by the high street banks have continued to recover from last November’s low point, but new lending is largely being offset by repayments, so that net rises remain relatively weak.”

“Unsecured borrowing is subdued, with households focused on managing their personal finances and building up deposits.”

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