Steady levels of mortgage activity continued into July says UK Finance
Latest news release from UK Finance 25th August 2017- High Street Banking and Gross Mortgage Lending data July 2017
UK Finance estimates that overall gross mortgage lending in July was £23.0 billion. Accounting for seasonal factors, this figure is above the average lending figures seen over the past year.
First-time buyers and remortgage activity on the part of homeowners has supported lending for some time, but we anticipate the pace of growth to slow slightly, dampened by a potentially more challenging economic outlook.
Commenting on the data, Eric Leenders Head of Personal Banking at UK Finance said:
“Consumer borrowing from high street banks remained stable in July, as continued pressure on household budgets reduced spending and saving.
“It is business as usual for business lending as companies continue to borrow less and build their reserves, increasing deposits at an annual rate of 7.5%, while larger corporates are using the capital markets for funding.
“Steady levels of mortgage activity seen through the first half of the year continued into July. First-time buyer numbers continue to be strong, helped in part by government schemes. But that has been offset by home movers, where a shortage of homes on the market is limiting their activity.”
Read the UK Finance High Street Banking and Gross Mortgage Lending data July 2017 report in full click here.