BBA: Mortgage approvals up in November

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by Kay Murchie

The British Bankers’ Association (BBA) has today revealed a rise in the number of new mortgages approved by the major banks in November.

According to the BBA, mortgage approvals for the month stood at 44,713, up 2,161 compared with October - and represented the highest level for two years.

The figure was also 152% higher than the low point reached in November 2008, said the BBA.

However, remortgaging activity remained at low levels as a result of the low interest rate environment.

The BBA said there were only 22,360 remortgage loans offered during the month, 63% lower than in November 2007.

In addition, November approvals for equity withdrawal were about half of the level seen in 2007.

David Dooks, BBA director of statistics, said: “In the housing sector, prices have continued to edge up and approvals for house purchase are now back at a similar level to that of two years ago.”