According to the latest figures released, the total mortgage lending in the UK has risen significantly in the month of May in the UK as the housing market recovers.

The data showed that 65,752 mortgages were approved across the UK, which is about 4,490 higher than the previous month. The figure of 65,752 is also higher than the average of the previous six months that was recorded at
59,776 in the UK, according to the British Bankers' Association.

The data also showed that the gross mortgage borrowing rose £500 million in value to £8.6 billion during the month. On the other hand, the total net lending fell £500 million as consumers increased repayments that exceeded new borrowing in the UK. The net borrowing by businesses in the UK fell £1.7 billion during the month.

David Dooks, the British Bankers' Association said, "SMEs' use of their own high levels of cash resources and large companies' use of alternative finance means demand for bank borrowing is subdued."

The association said that the increased mortgage lending indicates that the government support for the consumers has encouraged banks to increase lending it the sector.