Mortgage lending levels are on the rise but nowhere near the levels of lending in the heady days before the recession. Some of the reasons the levels have not risen as rapidly as expected since we began to come out of recession are the new regulations on affordability and the perceived general reluctance / caution on the part of the lenders. The increase in mortgages approved this year can only be a good sign for the housing market - however with the lending standards still tight it is hard to imagine this rate of growth can be sustained.
British mortgage approvals jumped by the most in more than six years in April, in further evidence that the property market was heating up. Figures from the Bank of England showed that mortgage approvals numbered 68,076 in April, hitting their highest level in 14 months and up strongly from 61,945 in March. It also surpassed economists’ expectations of 63,000 and was the largest monthly jump since February 2009.