Gross mortgage lending across the residential market in November was £23.1bn according to UK Finance
Latest UK Finance’s Household Finance Update – November 2018 reveals that gross mortgage lending across the residential market in November was £23.1bn, 2.0 per cent lower than November 2017.
The number of mortgages approved by the main high street banks in November was 10.6 per cent lower than November 2017; approvals for house purchase were 1.2 per cent lower, remortgage approvals were 20.3 per cent lower and approvals for other secured borrowing were 12.2 per cent lower all according to UK Finance.
Commenting on the data, Eric Leenders, Managing Director, Personal Finance at UK Finance, said:
“Overall mortgage borrowing across the residential property market remains stable and the trend in households’ cash savings remains steady.
“Total credit card spending increased in November, while borrowing growth remains constant compared with November last year. The increase in spending, which is largely offset by cardholder repayments, reflects the growing use of credit cards as a preferred form of payment, particularly in travel, as consumers take advantage of stronger customer protection and value-added benefits.”
Read the UK Finance’s Household Finance Update – November 2018 in full click here.