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HSBC figures confirm North-South mortgage lending divide

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  • 05/03/2013
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HSBC figures confirm North-South mortgage lending divide
HSBC approved nearly as many mortgages for London and the South East last year as the rest of the UK put together, ground breaking figures published by the bank have revealed.

Over the course of 2012, the bank lent £9,189m to borrowers in London and the South East, compared to £9,633m to those in the rest of the country. Just over half of lending to first-time buyers was directed at those in London and South East.

There was also a North-South divide in the size of loan – at £157,859, the average loan per borrower in London and the South East was nearly twice that of the rest of the UK.

An HSBC spokeswoman said the bank understood the public interest in lending figures for SMEs, personal loans and mortgages if the disclosed figures were meaningful and useful: “We are already working with the BBA to provide, on a consistent basis among the industry, SME lending data.

“In principle, we see no reason why that work could not be extended to personal loans and mortgages. As an interim step, we will publish HSBC’s regional lending data on our website.”

Last month, MPs urged the heads of the major high street banks to disclose mortgage as well as SME lending postcode-by-postcode.

In a letter to RBS chief executive Stephen Hester seen by Mortgage Solutions, ministers argued there was merit in broadening disclosure to covering other forms of credit, including mortgages and personal unsecured lending.

All mortgages  Mortgage Approvals  Borrowers Average loan per borrower
London & South East  £9,189m  58,210  £157,859
 Rest of UK  £9,633m  113,077  £85,190
First-time buyers      
London & South East  £2,629m  14,889  £176,573
Rest of UK  £2,145m  23,697  £90,518

 

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