Mortgage lending ’strong’ in May
July 3, 2007 by admin
Filed under News, News-Mortgages
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.
