Mortgage Advice Bureau comments on the British Bankers’ Association High Street Banking Statistics (April)

Brian Murphy, Head of Lending at Mortgage Advice Bureau (MAB), comments on April’s BBA high street banking statistics:

“Today’s data shows we are witnessing a resurgence in mortgage lending by the major banks with approvals hitting a 13 month high in April. After a slow start to 2015, loan approvals are now at their highest since the Mortgage Market Review (MMR) took effect and have risen for three successive months. It is a sure sign for borrowers that there is life left on the high street despite growing competition from smaller building societies and specialist lenders.”

“The BBA’s data suggests that the impact of the build-up to the general election on market activity was greatly overstated. The combination of record mortgage product numbers and extremely favourable pricing has proved more than enough to sustain demand regardless of political uncertainty. The stability of a majority government should also provide a solid base for the market to progress.”

“The growing number of mortgage approvals shows that consumers are still able to access the market despite rising house prices – but it is noticeable that the average loan in April was the highest recorded by the BBA since records began in 1997. As the new government progresses its plans for the housing market, policymakers must work harder to improve access to affordable housing for would-be borrowers on modest incomes.”