Gross mortgage lending in September stood at £17.9bn, some 14% lower than August's record figure, though very similar to the £17.8bn in September last year the latest figures from the British Banker's Association (BBA).
The BBA says underlying net mortgage lending rose by £5.4bn, compared with £5.9bn in August and the average of £5.6bn over recent months. But bit was still far higher than the £4.8bn achieved in September 2005.
There were 183,090 mortgage approvals in September, with an aggregate value of £19.3bn. The number of approvals was 8% lower than in September 2005, though their value was 1% higher, says the BBA. The average loan approved for house purchase was £140,400, some 8% higher than a year earlier.
David Dooks, BBA director of statistics, says: “Though September’s net mortgage lending was below the high summer plateau that is not necessarily a sign of the market moderating. While loans approved for remortgaging and equity withdrawal were weak by historical comparison, the numbers of loans approved for house purchase remained fairly robust and will support lending growth in the near-term.”
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