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.

 

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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