Mortgage lending powers ahead
The number of new mortgage approvals for property purchases were a non-seasonally adjusted 85,698 in February this year, up 33% on the corresponding period in 2005, according to the British Banker’s Association (BBA).
Seasonal adjustments to these figures made by the Royal Institution of Chartered Surveyors (RICS) reveal an even more robust picture of mortgage lending.
March’s figures have ended a run of three consecutive month on month declines in approval numbers (seasonally adjusted), suggesting that mortgage lending is stabilising at current strong levels.
More comprehensive mortgage lending data from the Bank of England is due out tomorrow (Thursday), and they are also expected to show signs of stabilisation.