Seasonally adjusted net mortgage lending rose by £4.6bn in January, compared with £5.3bn in December and £4.2bn in January 2005, according to the latest figures from the British Bankers' Association (BBA).
The £4.6bn increase in January is slightly weaker than the average of £4.7bn in the previous six months and the annual growth rate is just over 12%. The figures also reveal January’s gross mortgage lending was £14.5bn, which is the highest January total on record and 25% above the very low January 2005 figure, but is only marginally above the total in January two years ago. Meanwhile, there were 140,020 mortgage approvals in January – 1% lower than December and 8% higher than January 2005 – with a total value of £12.7bn. In line with previous years, the average approval for house purc...
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