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Mortgage Lending Grew in November

LONDON-Total gross mortgage lending by major British banks to the UK private sector remained strong in November, rising by UK GBP14.4 billion ($23.2 billion), according to figures released by the British Bankers Association.

By Charlie Jacoby | Updated on January 06, 2003

LONDON-Novembers saw a record rise in net mortgage lending of £5.9 billion ($9.5 billion) to £423.2 billion ($681.3 billion), says the British Bankers Association. There was a net increase of £600 million ($965.94 million) in other consumer lending to £88.8 billion ($143 billion).

November’s gross mortgage lending was £14.4 billion ($23.2 billion), slightly down from October’s £14.6 billion ($23.5 billion). However, strong equity withdrawal underpinned net lending, where a record seasonally adjusted increase of £5.9 billion ($9.5 billion) resulted, just surpassing October’s £5.7 billion ($9.18 billion).

There were fewer mortgage loans approved in November (227,500) than in October (243,000) with a lower total value of £15 billion ($24.2 billion). Demand for re-mortgages held up, though house purchase and equity withdrawal loans were weaker. The average value of house purchase loans, £91,500 ($147,300) was 16% higher than a year earlier.

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