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UK mortgage lending higher in August

Tuesday, Sep 26 2017
UK mortgage lending higher in August

UK Finance estimates that overall gross mortgage lending in August was £24.2 billion, of which £15.1 billion was lent by High Street Banks. Accounting for seasonal factors, this figure is in the same ball park as monthly lending over the course of 2017.

House purchase approvals by the High Street banks reached 41,807 in August, stronger than the monthly average of 41,133 over the last six months and 11% higher than the same time last year when the market was subdued following the referendum result. UK Finance data shows that consumer borrowing from High Street banks slowed to 1.5% in August, down from 1.9% in July. Non-financial companies’ deposits are growing annually by 8.7% as businesses hold cashflow, the data reveals.

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