Mortgage Approvals Up Slightly in May
Mortgage approvals were up in May, for the fourth month in a row. There were 43,414 approvals in the month - however, this was up just 223 on April. Net lending for house buying by lenders grew by just £324m in May, the smallest increase on record.In comparison to last May, lending is 35% lower. The market appears to have recovered from its slump, but activity still remains depressed compared with last year.
Building societies are also reporting that savers are wtihdrawing more money than they are depositing funds, for the thrid month in a row, which may limit how much banks and building societies can lend.
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