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Mortgage lending up 4.1% Go compare with our comparison table

Mortgage lending up 4.1%

25 August 2010 / by Rachael Stiles

The mortgage market saw net annual growth of 4.1 per cent year-on-year, according to the latest figures from the high street banks.

The figures, published by the British Bankers Association (BBA), show that annual growth in mortgage lending is "substantially ahead" of the 0.9 per cent growth for the whole mortgage market in June.

Gross mortgage lending reached £8.4billion in July, slightly below the average of the previous six months.

Commenting on the lending figures, BBA statistics director, David Dooks said: "Gross mortgage lending remains stable, although demand for mortgages continues to be subdued. The greater availability of properties for sale and slowing house price growth have not yet fed through to increased house purchase approvals.

"Consumer credit outstanding continues to reflect high repayments together with pressure on household finances and job uncertainty while companies are tending to retrench and reduce their bank borrowing."

Meanwhile, high street banks continued to see strong mortgage repayments while borrowers continue to take advantage of lower interest rates, with net lending increasing by £2.0billion in July, compared to £2.1billion in June and £2.2billion in July last year.

The BBA suggests that while the abolition of Home Information Packs at the beginning of the year has led to more houses coming onto the market, this has had no obvious impact on mortgage approvals.

The results show a small monthly decline in the average value of houses purchased, but a year-on-year increase of 4.6 per cent.

© Fair Investment Company Ltd

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