Mortgage lending hit two-year high in July: BBA |
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Published
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Fri, 18 Aug 2006 12:25
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LONDON - Fresh data from the British Bankers' Association shows that underlying net mortgage lending rose to a record high in July.
Net mortgage lending reflects the repayments that have been made. According to the BBA in July the figure was £5.7 billion. This was marginally better than the June data and was higher than the average posted over the last six months.
The data follows surveys by CML and other agencies, which paint a rosy picture for the housing market with rising prices, demand and sales. However analysts are concerned with the lack of availability of affordable homes for first time buyers. This month's shock interest rate rise will probably drag the market down.
"The robust nature of mortgage lending continues, with recent monthly increases not far short of the movements seen when lending peaked in 2003/04," said BBA Director of Statistics David Dooks. But the credit card lending division was not so rosy and fell by £319 million in July after a £268 million fall in June.
Earlier in the week data released by the Council for Mortgage Lenders (CML) said that mortgage lending for July rose 17 percent to £30 billion. CML said the figures support a booming property market. "Another month, another record lending figures. Seasonal factors are continuing to support housing transactions and buoy house price growth. Bank of England approvals data shows that there is a strong appetite among borrowers for remortgages and other types of loan," commented CML Director General, Michael Coogan.
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Credit card borrowing just 117 million pounds in May 