Mortgage lending has remained robust despite rising interest rates and the prospect of a further rate rise before the end of the year, according to the British Bankers Association (BBA).
Latest figures from the BBA also show a subdued consumer credit market, with a drop in new lending on personal loans and overdrafts and a fall in net credit card lending. Gross mortgage lending for July was up by 12% to £21.3bn and was above the annual rate of house price inflation, which the BBA says is an indication of greater remortgaging activity. The actual number of house purchase approvals has fallen by 1%, while remortgaging approvals rose 12% by number and 26% by value. Underlying net mortgage lending rose by £5.7bn, a steeper rise than in June and the current average of £5.4bn,...
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