Lending still subdued by stamp duty holiday end

Published on

The annual growth in the banks’ net mortgage lending of 4.3% (slightly lower than last month’s 4.5%) still substantially exceeds annual growth of just 1% in March for the mortgage market overall.

Gross mortgage lending of £8.2 billion in April was lower than both March and the average of the previous six months (£9.1 billion).

Repayments were stronger than usual as banks actively encouraged borrowers to use surplus cash to reduce their borrowing where possible. Net mortgage lending grew by only £1.8 billion in April compared with £2.3 billion in March, and was below the previous six month average.

The numbers of approvals for house purchase, though higher than the same point a year ago, are low when compared to historical trends. The average value of house purchase approvals (£146,700) was 11.7% higher than a year ago. Numbers of remortgaging and equity withdrawal approvals continue to be lower than a year earlier.

BBA statistics director, David Dooks said: “Household priorities are clearly reflected in these latest data

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

FCA bans CEO over fake €200m bond portfolio

The Financial Conduct Authority (FCA) has fined and banned two former Blue Horizon Asset...

Pivotal reports 121% growth in second charge lending

Pivotal has reported a 121% year-on-year increase in second charge lending through its Believe...

ModaMortgages trims limited-edition five-year fixed rates

ModaMortgages has reduced rates by up to 10 basis points across its limited-edition five-year...

Providence agrees deal to acquire Hometrack

Providence Equity Partners has agreed to acquire Hometrack, the residential property valuation and risk...

The Coventry cuts fixed rates by up to 20bps

Coventry for intermediaries has reduced every fixed-rate mortgage in its range, with lower rates...

Latest publication

Other news

FCA bans CEO over fake €200m bond portfolio

The Financial Conduct Authority (FCA) has fined and banned two former Blue Horizon Asset...

Pivotal reports 121% growth in second charge lending

Pivotal has reported a 121% year-on-year increase in second charge lending through its Believe...

ModaMortgages trims limited-edition five-year fixed rates

ModaMortgages has reduced rates by up to 10 basis points across its limited-edition five-year...