The British Bankers’ Association approved 40,347 mortgages in May, which was pretty much in line with expectations for 40,300 mortgages to be approved.
The figure was down 3.3% from 40,686 in May last year and slightly lower than the monthly average of 41,923 over the previous six months.
Meanwhile, gross mortgage borrowing in May totalled £13.3bn, in line with recent months and 9% higher than a year earlier. Net mortgage borrowing was 2.4% higher than a year ago while consumer credit annual growth was 5.1% in May compared with 6.4% in April, with the decline driven by weaker growth in personal loans and overdrafts.
Eric Leenders, BBA managing director for Retail Banking, said: “This month’s figures show that in the run up to the General Election, credit growth in personal loans, cards and overdrafts has slowed, which was reflected in lower spending; with increased household costs affecting growth in deposits and saving.
“Businesses appear to be weighing up their options before raising finance to fund projects or developments. After a long period of subdued company borrowing, overall growth is starting to stabilise at a modest rate.”
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