–UK BBA: May Seas. Adj Mortgage Approvals 30,509 vs 29,747 in Apr
–UK BBA: May Approvals for Remortgaging 21,519 vs 20,987 in Apr
LONDON (MNI) – Mortgage lending remained subdued through May, the
British Bankers’ Association reported today.
Mortgage approvals for house purchase rose a little to 30,509 up
from 29,747 in April, the BBA reported. In value terms, approvals for
house purchase rose to stg4.429bn from stg4.282bn in April.
The most recent Bank of England data showed mortgage approvals in
April fell back to very close to half their long run average, dropping
to 45,166 in from 47,145 in March.
Just to highlight how weak mortgage approvals are, the BOE series
peak, hit in December 2003, was 133,981 and the long run average around
90,000.
The BBA mortgages approvals account for around two-thirds of the
BOE data. The expectation is that the BOE May mortgage data will be
little changed from April – although the fact days were lost to Bank
Holidays in April makes a stronger May outturn quite possible.
–London newsroom: 4420 7862 7492; email ukeditorial@marketnews.com
[TOPICS: M$B$$$,MABDA$,MABDS$,MT$$$$]
