Mortgage lending hits monthly record

Gross mortgage lending for November 2006 hit record levels, it has emerged, reaching £21.4 billion.

Data from the British Bankers’ Association (BBA) found that the figure is 13 per cent higher than that of October 2006 and an increase of 19 per cent November 2005’s total of £18 billion.

November is “not usually a strong month”, according to David Dooks, director of statistics at the BBA.

However, this year there were 206,051 mortgage approvals within the 30-day period, a figure which is 6.8 per cent higher than that of 2005.

Mr Dooks added that the “high” number of homeowner loans during the month suggests that mortgage lending “will continue to be robust over the next few months”.

Remortgaging approvals also rose by seven per cent on last year while the number of equity withdrawals rose by three per cent.

The BBA is the main trade association for banks that operate within the UK.

© Adfero Ltd

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