Gross mortgage borrowing totalled £13.3 billion in May according to BBA

June 26, 2017

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.

 

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.

You May Also Enjoy

Rightmove logo
Breaking News

Back-to-school buyer bounce outpaces typical September uplift

New real-time analysis from the UK’s largest property platform Rightmove reveals that buyer demand received a stronger than usual back-to-school boost during the first week of September Buyer demand increased by 5% during the opening week of the month, significantly higher than the average increase of 0.4% seen over the same period during the last…
Read More →
Letting Agent Talk

8,500 tenanted homes currently on the market

8,500 tenanted homes currently up for sale as TLP highlights importance of clean client money handovers   More than an estimated 8,500 homes are currently being marketed for sale with tenants in situ across England, according to the latest analysis by The Letting Partnership, presenting landlords with the opportunity to acquire an investment generating rental…
Read More →
Estate Agent Talk

Which property types take the longest time to buy?

From complex flats and shared ownership homes to new builds and unusual titles, Lyons Bowe reveals which properties can create the biggest conveyancing workload   The latest insight from Lyons Bowe has revealed which types of property are most likely to require the largest and most complex conveyancing workload, potentially adding more stages to the journey…
Read More →
Commercial Agent Talk

Building Site Accidents and Compensation: A Guide for Injured Workers

One mistake, one faulty piece of equipment and an unsafe working setup could cause a construction laborer much more than just aches and pains. One injury can result in medical costs, showing up on working days, reduced income and a path to long recovery. Under certain circumstances, the workers may be entitled to get compensation…
Read More →
Estate Agent Talk

First-Time Buyers: Why 4–5 Houses is the Sweet Spot

House hunting before the stress kicks in: Four to five houses is the sweet spot for first-time buyers Just 20% of us feel excited on a first property viewing, rising to 47% by viewings 4 to 5 There’s a U shape trajectory of excitement when it comes to the viewing process However, there is a…
Read More →
Breaking News

Two in five mortgage holders switched banks for a better mortgage deal

Of those who have a mortgage and switched banks, 41% did so to get a better mortgage rate deal and 30% did it to receive an incentive related to their mortgage Only 15% of people moving home switched their bank account during the move, while far more switched broadband (46%), energy (38%), and mobile phones…
Read More →