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September 23, 2009    

Bank mortgage lending stabilises

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by Gill Montia

The British Bankers’ Association (BBA) has reported that in August, gross mortgage lending by the UK’s High Street banks followed a similar pattern to earlier months of the year.

Net lending (gross lending with repayments and redemptions stripped out) returned to trend, increasing by £2.8 billion, compared to a rise of £1.9 billion in July.

Last month 38,095 home loans were approved for house purchases, up substantially from the 21,001 new mortgage approvals registered by BBA members in August 2008.

The figures also show net lending values rising by 4.6% over the last 12 months and looking ahead, the Association points out that the number of loans approved for house purchase remains stable.

BBA statistics director, David Dooks, says: “The main High Street banks’ mortgage lending has stabilised … loans approved for house purchase have recovered to early-2008 levels, but low levels of customer demand and a limited number of properties coming onto the market will continue to moderate lending.”

Mr Dooks also claims that mortgage lending by the main banks has managed to stabilise in a market where other lenders have largely been inactive.

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