BBA: Mortgages remain 'robust' despite declining figures

27 October 2006
Figures relating to mortgage lending in September from the British Bankers' Association (BBA) show the total market's value is declining when compared to similar figures from August.

However, experts have said that the 14 per cent drop in mortgage lending last month was not indicative of the future of the sector and the physical number of loans being approved "remained fairly robust".

Despite September being a relatively quiet month in comparison with August, the total value of the market (£17.9 billion) saw a three per cent rise, year-on-year.

"Though September's net mortgage lending was below the high summer plateau, that is not necessarily a sign of the market moderating," said David Dooks, the director of statistics at the BBA.

Mr Dooks added that credit card lending was more of a worry for financial analysts, as the overall declining balances of UK consumers reflected "the weakness of retail sales".

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