|    FM Home   |    FM News   |    FM Forum   |    FM Blog   |   
30th of April 2011
|    Banking  |   Insurance  |   Property  |   Mortgages  |   Economy  |   Investments  |   Credit Cards  |   Debt  |   Loans  |   Pensions  |   Companies  |  

Mortgage News feed Mortgage News

All Financial News feed All Financial News

March 23, 2010    

New mortgage lending up 16%

Bookmark and Share

by Gill Montia

New figures from the British Bankers’ Association (BBA) show February’s gross mortgage lending at £8.6 billion, having staged a recovery from January’s low of £8 billion.

The number of house purchase loans approved by the UK’s banks leapt 16% year-on-year, to 35,276, having managed a slight increase on January’s figure of 35,154.

Furthermore, the value of the typical house purchase approval stood at £140,800, or 11.5% more than in February 2009.

However, gross lending fell short of the previous six months average (£9.2 billion) and showed a 5.2% decline on a year earlier.

In addition, February’s net mortgage lending (gross lending with repayments and redemptions stripped out) lagged behind the previous six month average of £3 billion, at £2.8 billion.

Remortaging volumes fell slightly on January, to 21,101, (six month average 21,945) and approvals for equity release and other purposes numbered 17,347, compared with a previous six month average of 18,887.

Commenting on the figures, the BBA’s statistics director, David Dooks, says: “High street banks continue to provide the majority of all new lending for mortgages, though the volume of approvals remains subdued after the year-end stamp-duty change.”

Discuss this in the Finance Markets forums

Story link: New mortgage lending up 16%

Financial Services:

Related financial stories to: New mortgage lending up 16%:
Previous: «
Next: British Gas workers to strike »

Visited 1688 times, 6 so far today

No Comments »

No comments yet.

RSS feed for comments on this post.

Leave a comment

Tags: , , , , gross, , , , ,