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High street gross mortgage lending up 6% on last year

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  • 26/07/2017
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High street gross mortgage lending up 6% on last year
Gross mortgage lending from the UK’s high street banks totaled £13bn in June, up by six per cent year-on-year, according to new figures from UK Finance.

Net borrowing was also up on an annual basis, albeit by a smaller amount at 2.6%, while the number of mortgages approved for house purchase are at a similar level to last year at 40,200.

However this was below the recent average of 41,872, while the 25,361 remortgage approvals were down on both the monthly average and on an annual basis.

Jeremy Leaf, former residential chairman of the Royal Institution of Chartered Surveyors, said that he had expected to see stronger figures given the property market was in slow down at this point last year following the introduction of the Stamp Duty surcharge.

He added: “Nevertheless, these results reflect the June market when buyers were still coming to terms with the election result and its implications for Brexit, as well as their own finances.”

Mark Harris, chief executive of SPF Private Clients, said that while there may be growing pressure on household incomes, lenders are showing good appetite to continue lending.

He continued: “With HSBC the latest lender to make many reductions across its range of fixed-rate mortgages later this week, including a five-year fix pegged at just 1.59%, fixes are as low as they have ever been, which is great news for borrowers.”

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