24 Sep

Mortgage lending "has stabilised"

Mortgage lending "has stabilised"

In what many estate agents may view as good news, mortgage lending among the major high street banks has stabilised in the market at a time when other lenders are largely inactive, according to one industry expert.

David Dooks, the statistics director at the British Bankers' Association (BBA), the UK's financial services trade body, said that loans approved for house purchase have recovered to early-2008 levels.

"Low levels of customer demand and a limited number of properties coming onto the market will continue to moderate lending," cautioned Mr Dooks.

His comments accompany the BBA's publication of last month's figures for the main high street banks, which revealed that gross mortgage lending was has remained relatively static in recent months, while net mortgage lending returned to trend after dipping in July.

The statistics signal a 4.6 per cent growth in mortgage lending over the last year, with the number of loans approved for house purchase[s] remaining stable.


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