Annual growth rate of mortgage lending was unchanged in June at 3.2% according to BOE

July 30, 2018
bank of england interest rate

Bank of England (BoE) statistical  news release – Money and Credit – June 2018 published today 30th July 2018.

The annual growth rates of consumer credit and mortgage lending were unchanged in June, at 8.8% and 3.2% respectively according to BoE.

Mortgage Lending from the news release.

In June, the annual growth rate for mortgage lending remained unchanged at 3.2%, and has now been around 3% since late 2016. Although this is above the growth rate between 2009 and 2013, it remains modest compared to the pre-crisis period. In value terms, households borrowed an extra £3.9 billion secured against their homes in June, which slightly exceeds the average of the past year.

The number of mortgages approved for house purchase increased a little in June, to 66,000, and were close to their average since late 2013. This data gives us an indication of how much new mortgage lending we might expect to see in coming months. The number of approvals for remortgaging fell 7.3% in June to 48,000. Despite this fall, remortgaging approvals remain broadly in line with the average over 2018 so far.

Read the Money and Credit – June 2018 news release 30th July in full click here.

 

 

 

 

Allen Walkey

Highly experienced businessman with a successful career in property sales and investment both in the UK and abroad. Now a freelance writer and blogger for the property and Investment Industry, keeping readers up-to-date with changes and events in a rapidly changing world.

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