Mortgage approvals increase in May
A new report by The Bank of England has indicated that mortgage approvals increased in May as 43,414 home loans were approved.
This figure was higher than April and was also over the 6 month average. In contrast, remortgage approvals decreased in May.
A spokeman from the Royal Institution of Chartered Surveyors commented: "It could ... capture the difficulty other borrowers, who have slipped into negative equity (or now require high loan-to-value mortgages), as a result of price house declines, are facing in finding a more attractive alternative offering."
In the mean time, the yearly growth of consumer credit decreased in May and was at 2.3 per cent.
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