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| UK mortgage lending 'levels off' | UK mortgage lending 'levels off' |
| (40 minutes later) | |
| UK mortgage lending by the major banks levelled off in July but the amount borrowed for day-to-day spending slowed, new figures show. | UK mortgage lending by the major banks levelled off in July but the amount borrowed for day-to-day spending slowed, new figures show. |
| Mortgage lending rose by £4.3bn during July - the same amount as June, said the British Bankers' Association (BBA). | Mortgage lending rose by £4.3bn during July - the same amount as June, said the British Bankers' Association (BBA). |
| But a low number of mortgage approvals overall prompted a warning about predicting a housing market recovery. | But a low number of mortgage approvals overall prompted a warning about predicting a housing market recovery. |
| The rise in personal consumer credit rose by £0.1bn in July, down from the £0.3bn rise in June. | The rise in personal consumer credit rose by £0.1bn in July, down from the £0.3bn rise in June. |
| Approvals | Approvals |
| The figures for mortgages approved, but not yet actually lent, are considered a good indicator of near-term trends in the market. | The figures for mortgages approved, but not yet actually lent, are considered a good indicator of near-term trends in the market. |
| It would be premature to think that the housing market will now start to recover David Dooks, British Bankers' Association | It would be premature to think that the housing market will now start to recover David Dooks, British Bankers' Association |
| The number of mortgages approved for house purchases rose very slightly from 22,369 in June to 22,448 in July, but this was still 65% lower than the same month a year ago. | The number of mortgages approved for house purchases rose very slightly from 22,369 in June to 22,448 in July, but this was still 65% lower than the same month a year ago. |
| For those remortgaging, mortgages approved fell from 58,624 in June to 54,532 in July - a 21% fall on a year ago. | For those remortgaging, mortgages approved fell from 58,624 in June to 54,532 in July - a 21% fall on a year ago. |
| The BBA's members account for about two-thirds of mortgage lending and the association's statistics director David Dooks warned about focusing too much on the monthly trend. | The BBA's members account for about two-thirds of mortgage lending and the association's statistics director David Dooks warned about focusing too much on the monthly trend. |
| "It would be premature to think that the housing market will now start to recover, because overall approval activity continues to be very low," he said. | "It would be premature to think that the housing market will now start to recover, because overall approval activity continues to be very low," he said. |
| Typically, people have been holding off getting a mortgage in recent months owing to a lack of availability of cheap deals and uncertainty in the housing market. | |
| Household bills | |
| Mr Dooks said that data from the banks showed that householders were "acting prudently". | |
| The pressure on household finances, especially the result of food and fuel bills, meant the pattern of weaker deposits seen in the last few months continued. | |
| The annual growth in credit card borrowing also fell, with new spending down 2% on a year ago at £7.1bn. This is the lowest figure since June 2007. | |
| New loans also stabilised in July, compared with June, but was down nearly 17% compared with a year earlier. |