UK mortgage lending recovering
Nov 24, 2009
LONDON - THE number of mortgages approved for home purchases in Britain stood at its highest level in more than a year as the housing market showed more signs of a gradual recovery, according to lending data released Tuesday.
The British Bankers Association, a financial sector lobby group, said 42,238 loans were approved for people buying a property in October - nearly double the number seen last year and the highest level since January 2008.
Total net lending, which strips out redemptions and repayments, now stands at 3.1 billion pounds (S$7.06 billion), 4.6 per cent higher than last year, the association said.
But unsecured lending - through personal loans and overdrafts - remains subdued. It currently stands at 325 million pounds.
Statistics director David Dooks said the data reflected the fragile state of the market.
'The longer it takes to emerge from recession, the longer we will see households and businesses continue to borrow with caution,' he said. -- AP
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