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Rise in mortgage lending continuing, figures show

02 June 2009

Mortgage lending to individuals rose in April this year for the third month in a row, new data from the Bank of England has revealed.

Although the 12-month growth rate dipped by 0.3 percentage points to 1.8 per cent, the three-month annualised growth rate rose by 0.1 points to one per cent.

A total of 43,201 loans were approved over the month, higher than the number in March and significantly exceeding a low of 27,500 recorded in November last year.

However, the bank's figures also showed that remortgaging fell slightly over the month to 31,800 and loans approved for other purchases (27,916) dropped lower than the previous six-month average.

The Royal Institution of Chartered Surveyors stated that "the improving picture still needs to be kept in some context", but predicted that the volume of mortgage approvals will rise to between 60,000 and 65,000 per month by the end of this year.

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