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Mortgage lending increasing

Date: Tue, 01 Nov 2005

The level of gross mortgage lending increased over the past month to total £16.8 million – one per cent higher than in the same period in 2004.

The figures, which are seasonally adjusted, show that the property market could be showing signs of recovery, with net lending increasing by £4.3 billion in August, compared with £3.7 billion in July and £4.6 billion in August 2004.

"Whilst August's net mortgage lending remained in line with this year's stable trend, the monthly amount of gross lending exceeded the corresponding month a year earlier for the first time in twelve months," said British Bankers' Association (BBA)'s director of statistics, David Dooks.

There were a total of 194,476 mortgage approvals during the month, just two per cent less than in the previous year. However, the figures also reveal a trend towards no deposit mortgage products, as buyers struggle to save substantial deposits to fund their property purchases.

The figures also revealed a strong increase in remortgaging – accounting for 36 per cent of the month's activity and a sign that more homeowners are shopping around for the best deal.

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