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Banks nudge up new mortgage lending

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by Gill Montia

Britain’s High Street banks approved more new mortgages and loans for house purchases in October, with the figure nudging up from 42,073 in September, to 42,238

According to the British Bankers’ Association (BBA), the improvement reflects continued growth from the low levels seen at the end of last year.

BBA statistics director, David Dooks, says of the latest data: “The banks’ mortgage lending, still growing by more than 4% a year, shows one aspect of consumer behaviour but unsecured borrowing is subdued and people are building up deposits.”

In related news, the Council of Mortgage Lenders (CML), which represents 98% of the UK’s residential mortgage providers, has recently estimated October’s gross mortgage lending at £13.5 billion.

The figure is up 5% from £12.9 billion in September but shows a 27% decline on October of last year.

The Council said the rise represents typical seasonal activity between September and October, adding that it expects the annual comparison to improve in the coming months, given “lending volumes dropped sharply in the latter part of 2008 and early 2009″.

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News posted: November 24, 2009

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