BBA: 'Mortgage market has not completely stopped in its tracks'

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Figures released by the British Bankers' Association (BBA) have pointed to a glimmer of hope in the UK mortgage market.

It revealed that mortgage approval rates increased by nine per cent in April, but stressed that one month does not make a trend.

The BBA did, however, conclude that this upturn in the market does show that the UK has not stopped completely in its tracks when it comes to property.

Independent mortgage experts John Charcol said: "Remortgaging has increased by 24 per cent in one month and is likely to mean that high street banks have increased their share of the mortgage market.

"For consumers we can only hope that this has given the banks appetitive to gather more market share in the form of competitive products."

However, mortgage approval rates fell sharply in the first three months of the year and according to the BBA, many potentialbuyers are being put off by the current uncertainty in the market, which could suggest they are more likely to rent a property instead.

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