24th June 2015

May 2015 figures for the high street banks

Richard Woolhouse, Chief Economist at the BBA, said:

“Household borrowing remains robust and this is indicative of the wider recovery we’re seeing in the economy.

“The increase in mortgage approvals this month is consistent with the trend we’ve seen since the start of the year. The numbers show that the property market remains buoyant after the general election. Fierce competition between lenders means that there are some great mortgage deals available from the high street banks.

“Personal borrowing by British families also seems to be strong – the uptake of personal loans and credit card borrowing is further proof of consumers’ confidence.”

Key points:

  • Mortgage approvals have been steadily improving over the past five months, and the number of house purchases in May is very similar to the underlying trend a year ago.
  • Unsecured borrowing is growing at an annual rate of 5%. This is its highest rate since autumn 2010, reflecting strong consumer confidence.
  • Net borrowing by businesses has been positive in three of the last five months.

hsb24june15

Please read the full release and excel tables via the links below.

ENDS

For more information please contact the BBA press office on 020 7216 8989.