Small dip in mortgage lending

There has been a small dip in mortgage lending, but experts have said this is no reason for alarm.

Bank of England figures for August show that 52,317 homebuyer loans were offered, slightly down on the 52,404 total for July.

However, the figure is still more than June’s tally of 49,938 and the six-month average of 45,787.

Remortgages saw a greater fall, dropping below the six-month average to 29,059.

Responding to the figures, Council of Mortgage Lenders chief economist Paul Samter said: “Housing market activity has flattened off, but remains stable and well above the very low levels seen a year ago.”

As well as echoing this point, Royal Institution of Chartered Surveyors chief economist Simon Rubinsohn noted that the net level of mortgage lending was up by £0.7 billion in August after a £0.5 billion dip during July.

He remarked that it was “reassuring” that the July dip now appeared to be a “one-off”.

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