December mortgage lending highest on record, says BBA

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Gross mortgage lending was £16.9bn in December - 20% higher than in December 2004 and the highest December total on record, according to the latest British Bankers' Association figures.

The £16.9bn figure is 6% lower than November’s total of £18bn but 20% higher than the £14.2bn in December 2004. Seasonally adjusted net mortgage lending (gross lending minus repayments and redemptions) rise by £5.4bn, compared with £5.2bn in November and £4.7bn in December 2004. The BBA says this was the strongest increase since June 2004 and compares with an average of £4.6bn over the previous six months, maintaining an annual growth rate of just below 12%. There were 140,866 mortgage approvals for all purposes in December with a total value of £14.3bn. Although the number of approva...

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