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Bankers are meeting mortgage demand
Britain's top bankers have claimed they are meeting the demand for mortgages from homebuyers, it has been reported.
According to the Guardian, the announcement comes despite concern over a lack competition in the home loans sector.
Data offered to the Treasury by leading lenders shows that low rejection rates for mortgages and unused overdraft facilities mean consumers are avoiding increasing their debt levels during the global economic downturn, the paper states.
Meanwhile, the Bank of England announced today that mortgage approvals were at an 18-month high in September – rising to 56,215 approvals.
However, the institution noted that remortgaging activity has fallen by 64 per cent year on year.
Howard Archer, chief UK economist at IHS Global Insight, told the Guardian: "The rate of improvement in housing market activity has been modest overall, with approvals in September still only 10,833 higher than they were back in April."
The study also noted that consumer credit fell by £300 million in September.