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Recovery in lending for tracker mortgages

Date: Thu, 28 Apr 2005

Gross mortgage lending for March has increased by 15 per cent to total £13.7 billion, according to figures from the Major British Banking Groups.

The number of loans approved increased to their highest level since the middle of last year with the average mortgage approval for house purchase now standing at £121,600.

However, the rise could be due in part to a seasonal increase in the market, although analysts remain optimistic that it could signal a turn in the property sector.

"Loans approved for house purchase saw some recovery, though it is too soon to say whether the slower housing market seen over the previous six months or so is now picking up," said David Dooks, British Bankers' Association director of statistics.

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