Property market buoyant as mortgage approvals increase
The BBA has today published its High Street Banking Statistics for May 2015.
Key points:
– Mortgage approvals have been steadily improving over the past five months, and the number of house purchases in May is very similar to the underlying trend a year ago.
– Unsecured borrowing is growing at an annual rate of 5%. This is its highest rate since autumn 2010, reflecting strong consumer confidence.
– Net borrowing by businesses has been positive in three of the last five months.
Richard Woolhouse, chief economist at the BBA, said: “Household borrowing remains robust and this is indicative of the wider recovery we’re seeing in the economy.
“The increase in mortgage approvals this month is consistent with the trend we’ve seen since the start of the year. The numbers show that the property market remains buoyant after the general election. Fierce competition between lenders means that there are some great mortgage deals available from the high street banks.
“Personal borrowing by British families also seems to be strong – the uptake of personal loans and credit card borrowing is further proof of consumers’ confidence.”
Click here for full High Street Banking Statistics for May 2015.