Mortgage lending rises
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The mortgage market remains robust but consumer credit levels continue to suffer in the face of rising personal debt, according to new banking figures. The British Bankers' Association (BBA) said overall mortgage lending last month was recorded at £18.9bn. It was up 6pc on September's total and 8pc higher than the same period last year. The number of home loans being approved during the month rose to 198,242, up from 183,090 in September and a jump of 2.3 per cent on comparable figures for 2005. The average size of loan was set at £144,200 during October, 11 per cent higher than a year earlier. But consumer credit figures remained subdued. Net lending on credit cards fell by £400m, the sixth successive month of decline, figures revealed. David Dooks, director of statistics at the BBA, said: "The secured lending market undoubtedly remains robust, but after discounting price growth, lending volumes are not dissimilar to the same time last year." |
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