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Mortgage lending 57pc up on six months ago

Mortgage lending in May was 57 per cent up on six months ago, latest mortgage lending data from the Bank of England has revealed.

Data released by the Bank of England reveals 43,200 mortgages were approved for house purchases in May compared with a low of just 27,500 in November.

The year on year change in the number of mortgages approved turned positive in May for the first time since the early part of 2007.

A year ago only a little more than 39,000 mortgages were sanctioned.

RICS chief economist Simon Rubinsohn said: “The improving picture still needs to be kept in some context.

“Recent numbers have been far lower than would typically be expected even in the midst of a recession, and it is still unclear how rising unemployment levels will affect any recovery. 

“Significantly, the positive trend in the RICS ‘new buyer enquiries’ series from the monthly Housing Market Survey suggests that activity should continue to improve over the next few months.

“We continue to expect the volume of mortgages approved to increase to the 60,000 to 65,000 area by the end of the year despite the continuing obstacles to first-time buyers accessing the market.”