The British Bankers’ Association (BBA) has published the latest figures for the high street banks. The figures showed that unsecured borrowing is growing at an annual rate of 5%, its highest rate since Autumn 2010, reflecting strong consumer confidence. Mortgage approvals have also been steadily improving over the past five months.
Richard Woolhouse, Chief Economist at the BBA, said: “The increase in mortgage approvals this month is consistent with the trend we’ve seen since the start of the year… Fierce competition between lenders means that there are some great mortgage deals available from the high street banks”.
The full press release can be read here.