July saw steady growth in mortgage lending according to UK Finance

August 28, 2018

The latest UK Finance’s Household Finance Update for July 2018 reveals:

Gross mortgage lending for the total market in July was £24.6bn, some 7.6 per cent higher than a year earlier.

The number of mortgage approvals by the main high street banks in July fell by 0.8 per cent compared to the same month a year earlier. Within this, remortgaging approvals were 2.8 per cent higher than for the same period a year earlier. There was a fall in house purchase and other secured borrowing of 0.6 per cent and 11.7 per cent respectively.

Commenting on the data, Peter Tyler, Director at UK Finance, said:

“July saw steady growth in gross mortgage lending, driven largely by remortgaging as homeowners locked into attractive deals in anticipation of the recent base rate rise.

“Card spending has also strengthened, reflecting increased expenditure during the holiday period and an uplift in retail sales due to the World Cup and warm weather.

“However the broader economic outlook remains mixed, with households continuing to see their incomes being squeezed by rising inflation. This may explain the shift towards deposits held in instant access accounts, as consumers opt to keep their money close to hand.”

Source of information UK Finance.

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

How to Pick the Ideal Utilities for your Business

Sorting out utilities might not be the most exciting part of running a business, but it is one of those things that quietly affects everything else. Whether it is your electricity, gas, water or internet, these services keep your business moving day to day. Getting them right can help you stay in control of costs…
Read More →
Letting Agent Talk

Advice for London landlords and tenants ahead of the Renters’ Rights Act implementation

Phase one of the Renters’ Rights Act (RRA) comes into force on 1 May 2026, and with it brings about the most significant overhaul of the private rental sector in a generation. While the Act will see new responsibilities introduced, it will also offer an opportunity for landlords to strengthen their practices with a clear…
Read More →
Estate Agent Talk

Budget-friendly ways to boost your chances of a successful spring house sale

With many households feeling the pressure of changing global economic conditions, tighter finances, and the high costs associated with moving, such as Stamp Duty, legal fees and removals, selling a home can currently feel like challenge. At the same time, spring traditionally brings a surge in buyer activity. Longer days and better weather tend to encourage more viewings,…
Read More →
Letting Agent Talk

Expert Reacts To Renters’ Rights Act Ahead of Changes This Week

The Renters’ Rights Act comes into force this week (1st May), introducing major reforms to tenancy structures, eviction rules, and tenant protections across England. The changes will reshape how landlords manage properties and how tenants experience private renting, with significant implications for student private rentals and the wider rental market. Ahead of implementation, Owen Dixon,…
Read More →
Breaking News

52% of buyers are cash purchasers – and they’re ready to move

New research from LRG reveals that sellers entering the spring market are meeting an unusually large pool of cash-ready buyers, many of whom aren’t constrained by affordability, but by a lack of suitable homes. According to LRG’s Spring 2026 Sales Report, based on a survey of 307 buyers and sellers across England and Wales, more than…
Read More →
for sale sign london
Breaking News

Landlords sell up as Renters’ Rights prove final straw

Leading Kent and London law firm Thackray Williams have had a wave of last-minute instructions from landlords looking to sell their portfolios ahead of the Renters’ Rights Act coming into force this Friday. The litigation team has been instructed to seek possession by landlords wishing to sell their entire buy-to-let portfolios, as well as last-minute…
Read More →