Mortgage lending has topped the £1trn mark, according the latest figures from the Bank of England released this morning.
The Bank says mortgages account for almost £1.7trn of total net lending having risen by £9.3bn in May almost 1% higher than the net lending figure for April and well above the previous six month average.
The increase takes the annual growth rate in mortgage lending up by £109%, with the number of loans approved for house purchase, standing at 117,000 in May, were 11,000 higher than in April.
The figures come on the same day Nationwide Building Society has said the housing market appeared subdued last month with growth of just 0.3% in house prices. The average house now costing around £166,000 and accounting for 46% of household incomes.
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 Matthew West on 020 7484 9893 or email [email protected].IFAonline
'Managed separation update'
The chairman discusses his surprise holiday job
Three months on
Regulator has stepped in