BBA mortgage lending figures 'very encouraging'
04 January 2010 13:23:50
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| Signs mortgage lending could be emerging from the gloom. |
Research published last week by the British Bankers' Association suggested that the number of home purchase loan approvals increased by 152.3% to 44,713 on a year-on-year basis during November.
This represents the best performance for two years and Katie Tucker, technical manager at mortgageforce, believes this trend should continue well into 2010.
She said: "The fact that we are so close to 2007's figures is very encouraging. Lenders have got very strong targets for mortgage lending next year, so we can expect the figures to be considerably higher next year as well."
Ms Tucker added that the only possible threat to overall lending volumes over the course of the next 12 months is the ongoing slump in demand from the sub-prime sector.
Earlier this month, the Council of Mortgage Lenders suggested that November saw a 10% decline in mortgage lending, which was marginally higher than the typical seasonal dip it had expected.
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