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BBA claims lending is stabilising

Tuesday 30th June 2009

The British Bankers' Association (BBA) has said that mortgage lending in May was relatively stable when compared with the preceding few months.

According to the BBA, gross mortgage lending by building societies was £1,515 million last month.

However, the figure was less than half of last year's figure of £3,350 million.

Adrian Coles, director-general of the BSA, said: "Building society mortgage approvals were also at similar levels to recent months.

"However, the £1,607 million of approvals in May were still about 35 per cent lower than the value of mortgages approved in May last year."

He added that while the mortgage market appears to be showing signs of a recovery, the levels of activity remain severely depressed.

Mr Coles claimed that competition for deposits was heating up as building societies suffer from a lack of wholesale lending.

Earlier this month, the BBA said that since last November, mortgage activity had been steadily increasing.

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