Mortgage News
"BBA mortgage figures show record May"
July 2006
May, traditionally a stronger month for mortgage lending, showed record levels of gross lending according to new figures by the BBA (British Bankers Association.)
May 2006 saw a record £18.2 billion lent for mortgages of all purposes. This makes the month of may the highest ever on record, a full 27 per cent higher than May last year. Mortgage approval levels, although still not hitting the highs of 2004, were up on figures from last May. Lenders are expected to receive the news well.
David Dooks, director of statistics at the BBA, reportedly said that "although numbers of approvals are still well below the levels of early 2004, the record level of gross lending and stronger net lending in May shows mortgage market activity to be healthy ."
The figures remain positive, according to one expert from the Global Insight Consultancy . Howard Archer, a high-flying economist, said that "the robust BBA mortgage lending and approvals data for May indicate that the housing market upturn is still alive and kicking. Following some recent signs that it could be starting to falter, this suggests that house prices will see further strength in the near term at least."
However, he also cautioned that any significant increase in house prices would squeeze buyer activity, resulting in a cap on prices over the long-term period. Concerns for first-time buyers looking for a loan remain.
Source: Mortgages.co.uk
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© 2007 Michael J Alexander
Your home may be repossessed if you do not keep up repayments on your mortgage. Written quotations compliant with the Mortgage Conduct of Business (MCOB).
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