Mortgage approvals for house purchase returned to growth in April after plummeting a month before, say lenders.
Data from banking trade body UK Finance shows that the main high street banks estimated there were 40,564 home purchase approvals last month, up 1.7% annually and an improvement on the 20.9% yearly drop recorded in March.
Remortgages continue to drive the market, though, with approvals increasing by 11% annually to 28,390 in April.
It followed an 11.6% fall in March.
Eric Leenders, managing director of personal finance at UK Finance, said: “April saw steady growth in mortgage lending and approvals, following a slowdown in activity the previous month.
“This was driven by strong remortgaging levels, as borrowers locked into attractive deals amid expectations of a base rate rise.”
