The traditional desire of Britons to purchase property in the summer months continued in May, the British Bankers’ Association’s (BBA’s) latest figures show.
Financial providers lent some £19.7 billion during the month, some eight per cent more than the same period in 2006.
The BBA cited strong re-mortgaging activity as well as the usual pattern of strong lending as a cause for the year-on-year growth.
Some 204,800 mortgages were also approved during May, some two per cent more than May 2006.
Credit card borrowing fell by £0.4 billion during the period, while personal loans and overdraft borrowing also declined by £0.1 billion.
David Dooks, BBA director of statistics, said: “Contrary to the recent stable trend, the banks‘ gross and net mortgage lending strengthened in May, reflecting an improved competitive position, rather than a general rise in mortgage demand across the market.”
He added: “And, because of strong approvals in May, the banks’ higher market share is likely to continue over the next couple of months.
Related Posts
Record mortgage lending figuresNew figures from the Council of Mortgage Lenders (CML) show that we borrowed a record amount of money in March 2007.In total, £31.3 billion was leant to people who took out a mortgage on a
Mortgage lending downMortgage lending fell in April of this year but is still markedly higher than the same period in 2006.Figures from the Council of Mortgage Lenders (CML) show that borrowing fell to £28.8 billion in the
UK lending figures riseLending to individuals in the UK rose again in November, according to the Bank of England.Figures show that there was an increase in all types of loans of £10.9 billion between October and November.Credit cards,
CML said mortgage lending fell again in AugustAccording to officials from the Council of Mortgage Lenders mortgage lending levels fell in August, with the value of mortgage lending having fallen by 12 percent compared to July and by 36 percent compared to
Mortgage lending may be easingMortgage lending has continued to grow, with figures for May breaking records for the month.The Council of Mortgage Lenders (CML) says that May lending figures reached £30.6 billion, a 12 per cent increase on the
Figures show drop in mortgage lendingThere was less mortgage lending last month than in August, according research by the Council of Mortgage Lenders (CML).Figures revealed a fall of almost 12 per cent in gross mortgage lending in September with the
Mortgage lending on the riseFigures released by the British Banking Association (BBA) show that mortgage lending has reached a total of £21.3 billion in July, an increase of 12 per cent on last years' figures.The average mortgage loan rose
Buy-to-let lending continues to thriveBuy-to-let mortgage lending is booming, in spite of widespread concern about the state of the market. With the Royal Institution of Chartered Surveyors (RICS) warning that house prices are falling at their fastest rate for
