BBA: Approvals still down 20pc
Approvals for house purchase were 20% lower, while they were 16% and 31% lower for remortgaging and approvals for other transactions respectively.
Richard Woolhouse, chief economist at the BBA, said:” The increase in mortgage approvals is welcome news and a sign that the housing market is beginning to improve.
“We’re seeing stronger demand for mortgages as consumers take advantage of some of the very competitive deals currently available.”
Gross mortgage borrowing was valued at £9.6bn in February, 17% lower than the same month last year, while overall stock mortgage has increased by 1.3% over the same period.
In terms of other highlights from the report, growth in personal loans and overdrafts increased at the highest rate for six years, while personal deposits at high street banks increased slightly from the month before.