BBA unveils latest mortgage trends

25-Aug-2006

According to the BBA, overall mortgage lending (including lending to first time buyers) in July was seven per cent below June's level of £20.5 billion, with the number of mortgage approvals falling to around 178,000; two per cent lower than in July 2005.

"July is typically a slow summer month for mortgage approvals, so the lower numbers and value of loans approved compared to June were anticipated," said David Dooks, director of statistics for the BBA.

"Allowing for the seasonality suggests that loans approved for house purchase and remortgaging remain on a constant trend, while demand for equity withdrawal has continued to weaken since the turn of the year," he added.

Although the number of mortgage approvals did fall in July, the average approval figure rose by around five per cent to £139,000.

The BBA is the UK's primary trade association for Britain's banking sector.

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