UK mortgage approvals in December hit the highest level since September 2007, according to the latest data from the BBA.
In December, the number of seasonally adjusted mortgage approvals increased to 45,897 from 44,965 in November, and was the highest level since 54,913 mortgage approvals were recorded in September 2007.
Remortgaging approvals also increased from 22,567 in November to 23,480 in December. The net change in amounts outstanding also jumped from stg3.396 billion to stg3.454 billion.
Data from the BBA shows the lending status by major UK banks, and they have been gaining market shares.
“The high street banks continued to lend substantial amounts in the weaker mortgage market of 2009, approving more than 440,000 loans for house purchases. Their share of gross lending went up from a historical level of about two-thirds to three-quarters, due to specialist lenders largely withdrawing from the market and building society finance contracting,” said David Dooks, BBA’s statistics director.
"Households’ unsecured borrowing contracted throughout the year, particularly on personal loans. After paying down debt, people sought to build up their savings," he added.