Mortgage lending `subdued` in April

27 May 2010

According to figures from the British Bankers` Association (BBA), mortgage lending `remained subdued` in April, the BBC reports.

Traditionally, there is a `spring bounce` in the number of mortgages approved during April - however, there was little sign of it this year, with the number of mortgages approved for house purchase increasing by just 685 to 35,729 between March to April.

This figure was down on the previous six-month average of 39,309 - although the number of mortgages approved this April was higher than the same month last year.

Net mortgage lending by the UK`s major banks dropped to £1.8bn in April - the lowest figure since February 2001, and lower than both the £2.3bn recorded in March and the average of £2.7bn for the six-month period prior to April.

The subdued level of mortgage lending is, according to the BBC, `likely to be reflected in the level of house sales in the coming months.`

Tags: mortgage, BBA, mortgage lending, January, 2010, mortgage 2010, mortgage lending 2010

Fees payable when continuing service is provided. Repaying debt over a longer period may increase the total amount to be repaid. Calls are recorded and are usually free from UK landlines. Mobile phone users may be charged and should check with their service provider.