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BBA reports drop in net lending in July

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  • 12/09/2002
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The British Bankers Association (BBA) has released figures putting July's rise in net mortgage lendi...

The British Bankers Association (BBA) has released figures putting July’s rise in net mortgage lending into perspective. It points out that, although gross lending reached £14.5bn in July, repayments were also at a record level so net lending was lower than May’s increase. 237,500 loans were approved in July, totalling £15.4bn, 16% and 14% respectively more than June. Ian Mullen, chief executive at the BBA, said: ‘At first glance, July’s figures appear very strong. However, allowing for the effect of the Jubilee holiday in June, and assessing the two months together, suggests that demand, though buoyant, is not continuing to escalate from the peak seen in May.’.


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