Mortgage lending above £1trn

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 £16...