Gross mortgage lending was a record £20.9bn in August, some 9% higher than July and 24% higher than the £16.8bn in August last year, latest figures from the British Bankers' Association reveal.
The BBA says net mortgage lending also rose by £6.2bn, compared with £5.8bn in July. This beat both the average of £5.4bn over recent months and £4.6bn in August 2005 as well. There were 184,557 mortgage approvals last month, with an aggregate value of £19.1bn. The number of approvals was 5% lower than in August 2005, though their value was 4% higher. The average loan approved for house purchase was £141,500, 8% higher than a year ago. Net lending on loans and overdrafts rose by £200m in August, compared with an increase of £0.4bn in July and an average rise over the previous six months o...
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