Gross mortgage borrowing totalled £13.3 billion in May according to BBA
The BBA’s latest data from the high street banks for May 2017 released today shows gross mortgage borrowing in May totalled £13.3bn much in line with recent months and 9% higher than a year before.. Net mortgage borrowing was 2.4% higher than a year ago.
House purchase approval numbers in May of 40,347 were 3.3% lower than May 2016 and slightly down on the monthly average of 41,923 over the previous six months.
Remortgaging approval numbers of 24,248 were 10% lower than in May 2016 and down on the monthly average of 26,494 over the previous six months.
Eric Leenders, BBA Managing Director for Retail Banking said:
“This month’s figures show that in the run up to the General Election, credit growth in personal loans, cards and overdrafts has slowed, which was reflected in lower spending; with increased household costs affecting growth in deposits and saving.
Businesses appear to be weighing up their options before raising finance to fund projects or developments. After a long period of subdued company borrowing, overall growth is starting to stabilise at a modest rate.”
Read the BBA press release 26th June 2017 in full click here.
You May Also Enjoy
How Wimbledon property compares to other Grand Slam locations
Interest rates matter, but asking price is still what sells a home
Three-bedroom homes dominate Britain’s quick-sale market
£3bn tenant deposit shake-up on the cards
Brexit housing market winners and losers
