Data from the British Bankers' Association (BBA) show mortgage approvals rose from 42,073 in September to 42,238 in October. Whilst new mortgage lending and house purchase approvals increased slightly, consumer credit continued to be weak.
BBA statistics director, David Dooks, said of the latest data: "The longer it takes to emerge from recession, the longer we will see households and businesses continue to borrow with caution. The banks' mortgage lending, still growing by more than 4% a year, shows one aspect of consumer behaviour but unsecured borrowing is subdued and people are building up deposits.”
