Figures published by the British Bankers' Association suggest there was no letup in lending levels during November.
Gross lending by the Major British Banking Groups, MBBG, from which the figures are derived, hit £21.4bn, up 13% on October, and up 19% on the same period last year.
Net mortgage lending gained £6.7bn, up from £5.1bn in November 2005. This was also higher than the average of £5.7bn seen in recent months.
The more than 206,000 mortgage approvals during the month was up in volume terms by 6.8% on the same month last year, but up a whopping 20.8% by value.
The average loan value approved for house purchases was also up 12% to £146,900. Net lending on credit cards, by contrast, fell by some £100m.
The BBA says this not only suggest November was an unusually strong month for mortgage lending, but the figures on consumer credit suggest people are actually maintaining steady repayments, while borrowing less.
Continuing on the mortgage lending theme, a survey by financial PR company Penrose suggests mortgage brokers will increasingly look for ‘green’ products next year.
The 100 brokers it surveyed pointed to pending regulatory changes, such as the Energy Performance Certificates (EPCs), which are set to affect the residential property market, as factors causing an increase in consumer demand for products meeting environmental concerns among customers.
However, only around one in five brokers, 19%, say they actually know of any lenders offering ‘green’ mortgages.
Some blame is laid at the feet of lenders’ own sales and marketing programmes for not highlighting their particular offerings in this area, but others also see a role the government must fill in helping promote general awareness of the ability to seek out such product.
Penrose notes housing minister Yvette Cooper has already announced the government is thinking of ways to link EPCs with mortgage products and even utilities suppliers offering ‘green’ energy.
If you have any comments you would like to add to this story or would like to speak to its author about a similar subject, telephone Jonathan Boyd on 020 7484 9769 or email [email protected].IFAonline
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