Increasing numbers of first-time buyers help build mortgage activity according to UK Finance

December 28, 2017

Latest UK Finance news – Update on lending – December 2017.

UK Finance estimate gross mortgage lending in November was £23.1 billion, 9 per cent higher than a year earlier, with 60 per cent of all new lending provided by High Street banks.

Commenting on the data, Managing Director of Commercial and Personal Finance Eric Leenders said,

“Today’s data reflects a continuing trend that we have seen throughout 2017: ongoing activity in the mortgage market and a shift towards more flexible and affordable personal credit options. But there are signs of caution from the business community which could indicate that many firms are choosing to build up capital rather than borrowing to invest.

“Increasing numbers of first-time buyers, low interest rates and a competitive marketplace have helped build up mortgage activity through the year, with gross lending standing at nine per cent higher than at the same point in 2016. Credit card spending has continued to rise as more financial transactions are now carried out using cards, mirroring the declining use of loans and personal overdrafts.

“However, business borrowing has continued to moderate through 2017, with the major sectors of manufacturing, wholesale and retail business showing only modest annual growth, while construction and property-related sectors have contracted their bank borrowing over the year.”

Read the latest UK Finance news posted 28th December 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

Estate Agent Talk

UK postcode study identifies where buyers get the most space for their money

New analysis has revealed the best-value postcodes for buyers: One UK town offers FOUR times more space than the national average. The study, compiled by the experts at Sell House Fast, analysed postcodes across England and Wales to identify where buyers get the most space for their money. Where £100,000 buys the most space in…
Read More →
what is happening to house prices
Breaking News

The graduate shortage: who will value Britain’s homes in 2030?

According to RICS, the average qualified surveyor is in their mid-fifties. Couple this with new entrant numbers failing to keep pace with retirements, and the profession faces a critical skills gap at the worst possible time. Ryan Mathews, Managing Director of LRG’s Surveyors division, examines why surveying struggles to attract new talent and what needs…
Read More →
Breaking News

62% of letting agents failing to comply

The latest industry insight from The Letting Partnership has found that while Client Money Protection (CMP) is a legal requirement across the lettings sector, 62% of letting agents are failing to clearly display valid CMP certification on their website, highlighting a growing issue around how compliance is demonstrated to landlords and tenants. The Letting Partnership…
Read More →
Breaking News

UK house prices sit above pandemic market peak

The latest research from Yopa has found that, six years on from the first Covid lockdown (23rd March 2020), the average UK house price remains 1.7% above the peak reached during the pandemic property market boom, despite the more subdued market conditions seen since. Yopa analysed* average house price data at three key points in…
Read More →
how to present your property for sale
Breaking News

Energy efficient upgrades now an essential home feature

Savers with student loans put away £2k less per year towards a house deposit than those without 44 per cent of those with student loans say the debt makes it harder to be financially stable, with 41 per cent saying their repayments make it harder to save for a home Barclays Mortgage data shows the…
Read More →
Breaking News

Inverclyde crowned Britain’s most affordable place for first-time buyers

Inverclyde, Burnley and Hartlepool amongst most affordable areas in Britain Kensington and Chelsea, Oxford and Cambridge least affordable North has smallest gap between least and most affordable areas in the region while London has largest Around 70% of local authorities have seen an improvement in affordability over the last year, with Islington seeing biggest improvement…
Read More →