article_snippet: Meanwhile, in further signs of growing consumer confidence, the annual growth in people's borrowing on personal loans, overdrafts and credit cards is continuing to increase at its fastest rate since 2008, at 4.4 per cent.
article_snippet: Richard Woolhouse, chief economist at British Bankers' Association (BBA), said: 'The increase in mortgage approvals is welcome news and a sign that the housing market is beginning to improve. '
article_snippet: We're seeing stronger demand for mortgages as consumers take advantage of some of the very competitive deals currently available. '
article_snippet: Demand for loans and other types of personal borrowing is rising at personal borrowing fastest rate since the financial crisis.
article_snippet: Consumers are feeling increasingly confident about buying big ticket items, such as cars or home improvements, as the recovery really begins to take hold.
article_snippet: Matthew Pointon, a property economist at Capital Economics, said: 'The recovery in mortgage lending reflects a very favourable economic backdrop. '
article_snippet: The reform to stamp duty has also increased most buyers' purchasing power.
article_snippet: And that boost to affordability has been accompanied by further improvements in the labour market. '
article_snippet: Real earnings are finally rising, unemployment is falling, and the employment rate has reached record highs.
article_snippet: That should all act to boost the labour market.'
article_snippet: Howard Archer, chief UK and European economist at IHS Global Insight, said The British Bankers' Association (BBA)'s mortgage figures reinforce Howard Archer, chief UK and European economist at IHS Global Insight belief 'that the labour market is now gradually turning around after weakening during much of 2014'.
article_snippet: Mark Harris, chief executive of mortgage broker
article_snippet: Mr Harris said: ''The good news for borrowers is that rates are likely to be very competitive over (the) coming months.'