Figures released by the British Bankers Association (BBA) show that in October 2005 mortgage lending reache its second highest level since July 2004.
According to the figures, gross mortgage lending was GBP17.5 billion in October, which, although 1.7% lower than September’s total of GBP17.8 billion, remained 16% higher than October 2004.
New lending on personal loans and overdrafts was slightly higher than the average for the previous six months, at GBP3.1 million, and after seasonal adjustment, there was a rise in net lending of GBP437 million.
David Dooks, the BBA’s director of statistics, said, At this time last year, the trend in net mortgage lending was on a clear downward path. Having stabilized in the spring, the trend has hardly moved since, but with gross lending and approvals, particularly for house purchase, now seeing higher levels than corresponding months in 2004, the mortgage market seems particularly resilient as we enter what is usually a period of lower demand.