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| Mortgage approvals rose in April | Mortgage approvals rose in April |
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| The number of new mortgages approved for home buyers rose in April for the third month in a row, according to the Bank of England. | The number of new mortgages approved for home buyers rose in April for the third month in a row, according to the Bank of England. |
| Lenders approved 43,201 new loans to home buyers, although the number of loans to people moving lenders or topping up existing loans fell again. | Lenders approved 43,201 new loans to home buyers, although the number of loans to people moving lenders or topping up existing loans fell again. |
| Approvals for home buyers are a good indicator of short-term trends and suggest sales may continue to rise. | Approvals for home buyers are a good indicator of short-term trends and suggest sales may continue to rise. |
| Completed sales in March and April had jumped 35% from their February levels. | Completed sales in March and April had jumped 35% from their February levels. |
| "The rate of decline in activity in the housing market may have started to slow, but overall the lending environment remains very challenging," said Paul Broadhurst of the Building Societies Association (BSA). | "The rate of decline in activity in the housing market may have started to slow, but overall the lending environment remains very challenging," said Paul Broadhurst of the Building Societies Association (BSA). |
| Figures from the financial information service Moneyfacts indicate that lenders are still rationing their funds for new borrowers, in the wake of the banking crisis. | |
| Steps need to be taken to ensure that government backing for some institutions does not distort competition for savings Building Societies Association | Steps need to be taken to ensure that government backing for some institutions does not distort competition for savings Building Societies Association |
| Of the 1,623 mortgage deals currently on offer, two-thirds still require a deposit of at least 25%, with a quarter of all deals needing a down-payment from the borrower of at least 40%. | Of the 1,623 mortgage deals currently on offer, two-thirds still require a deposit of at least 25%, with a quarter of all deals needing a down-payment from the borrower of at least 40%. |
| With the drying up of the wholesale financial markets, lenders have been competing hard to attract savers to fund their mortgage lending. | With the drying up of the wholesale financial markets, lenders have been competing hard to attract savers to fund their mortgage lending. |
| But the BSA said that building societies had experienced a net outflow of £811m of savers' money in April. | But the BSA said that building societies had experienced a net outflow of £811m of savers' money in April. |
| The BSA said this might be because people were preferring to pay off their debts rather than save. | The BSA said this might be because people were preferring to pay off their debts rather than save. |
| It repeated its complaint that its members were still suffering from unfair competition from state-backed institutions such as Northern Rock and National Savings & Investments. | It repeated its complaint that its members were still suffering from unfair competition from state-backed institutions such as Northern Rock and National Savings & Investments. |
| "Those banks that are supported by the state are able to compete unfairly for deposits, and steps need to be taken to ensure that government backing for some institutions does not distort competition for savings," it said. | "Those banks that are supported by the state are able to compete unfairly for deposits, and steps need to be taken to ensure that government backing for some institutions does not distort competition for savings," it said. |