Loan figures will carry on rising, says BBA

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Loan figures will carry on rising, says BBA

Tue 2nd Jan 2007

High loan figures for November 2006 are expected to continue into the new year at a rapid rate, according to the British Bankers' Association (BBA).

David Dooks, BBA director of statistics, stressed his opinion that mortgage lending will remain "robust" in 2007, following on from overall mortgage approvals of 206,051 during November - 6.8 per cent on the corresponding month in 2005.

On the other hand, net lending in terms of overdrafts and loans dropped by £0.1 billion in November 2006, contrasted with a rise of £0.7 billion the previous month.

Mr Dooks said: "The contrast between the annual growth rate of net mortgage lending, at 14 per cent and consumer credit, at two per cent, is noteworthy."

"In the mortgage market, the high number of loans approved in November, which is not usually a strong month, suggest that the trend in mortgage lending will continue to be robust over the next few months," he went on to add.

The Halifax First-Time Buyer Annual Review 2007 calculated that first-time buyers in the UK splash out an average of £150,000 in order to get a foot on the property ladder.

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