Published Date:
25 November 2009
The number of mortgages approved for house purchase rose to its highest level for nearly two years during October as buyers continued to return to the market.
Around 42,238 loans were approved for people buying a property during the month, nearly double the number seen in October last year and the highest level since January 2008, the British Bankers' Association said yesterday.
Net lending, which strips out redemptions and repayments, also held firm at £3.1bn.
But unsecured lending remained subdued as consumers instead focused on paying down debts and saving more.
David Dooks, BBA statistics director, said: "The longer it takes to emerge from recession, the longer we will see households and businesses continue to borrow with caution."
Both spending and repayments on credit cards was unchanged from the previous month at £5.7bn and £6bn respectively. But once interest and charges were taken into account, outstanding credit card debt rose by £199m – double the average rise in the previous six months.
-
Last Updated:
25 November 2009 8:27 AM
-
Source:
n/a
-
Location:
Yorkshire
