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Mortgage lending levels reached []; FINANCE.

Byline: Edited by GRAHAM HISCOTT

Mortgage lending levels reached a two-year high in April. Banks approved 42,989 home loans last month, up from 40,564 in March. It represents a 11.5% rise year on year, said trade body UK Finance.

Its figures only cover seven banks and around two thirds of the mortgage market.

However, the data suggests months of weakness in the housing market - blamed on Brexit - could be easing, despite continued uncertainly about the UK's place in Europe.

Meanwhile, a mortgage price war - which saw Tesco Bank pull out of offering home loans - is set to intensify. Samuel Tombs, chief UK economist at Pantheon Macroeconomics, said: "This will continue to drive down the proportion of homebuyers' incomes absorbed by loan payments to new record lows, shoring up demand."

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Title Annotation:Features
Publication:The Mirror (London, England)
Geographic Code:4EUUK
Date:May 29, 2019
Words:132
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