However, the number of mortgage approvals for house purchase was 42,173, down from 45,045 the previous month and below the six-month average of 45,720 - meaning they hit an eight-month low.
Business borrowing has contracted by 1.9% over the year to April, though this is an improved picture compared with an annual contraction rate of 5.1% in April last year.
Richard Woolhouse, Chief Economist at the BBA said:
“Our figures show that housing market is mixed. The value of mortgages taken out in April was the highest for six years however looking ahead mortgage approvals have fallen three months in a row.
“The amount of borrowing is however still well below the levels we were seeing before the financial crisis.”
Jonathan Harris, director of mortgage broker Anderson Harris, says:
"With the BBA revealing that April saw the highest monthly total of new mortgages since August 2008, confidence continues in the housing market, with lenders also willing to lend.
"However, the actual number of mortgage approvals for house purchase was 42,173, down from 45,045 the previous month and below the six-month average of 45,720. This is not a market running away with itself. The introduction of the Mortgage Market Review may be having an effect: while it's still early days, with many lenders introducing the new rules weeks ahead of the official launch, its' impact may already be starting to be felt.
"Talk of interest rates rising continues, with Charlie Bean, the retiring deputy governor of the Bank of England saying at the weekend that they could rise to 3 per cent in the next three to five years. While there is no need for borrowers to panic, it is important to consider whether you can afford any mortgage you take on and to opt for a fixed rate if you are concerned about budgeting."
Duncan Kreeger, director of short-term secured lender West One Loans, comments:
“Banks are adding extra floors to the property market – but neglecting the foundations.
“Lending to people queuing up to buy a home is growing rapidly. And quite right too. But lending to the businesses that can create more homes is still falling. Mainstream lenders are flogging a lot of mortgages, certainly, but they are still in retreat when it comes to developing and refurbishing new properties – converting buildings into the new homes we need. It is totally illogical and it’s bad for the property market – especially in London where supply is so limited. Fortunately, alternative lenders are not afraid to take on the responsibility. In the absence of the high street lenders, we’re underpinning the future of the property market.”
