Mortgage lending "stable" in January

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Mortgage lending "stable" in January

Tue 27th Feb 2007

Mortgage lending in January amounted to £16.6 billion in January 2007, according to new figures released by the British Bankers' Association (BBA).

While lower than the £18.1 billion lent to consumers in December 2006, lending for the month was still 15 per cent more than the £14.5 billion lent to consumers during the same month a year previously.

The group's figures also show that the average loan approved for purchasing a house was £146,700, some 16 per cent higher than a year earlier.

Commenting on the "stable" demand for mortgages experienced in the first month of the year, David Dooks, BBA director of statistics, said that borrowing had remained strong, which meant that the impact of recent interest rate rises had yet to feature.

The BBA's figures also demonstrate that British consumers may be acting more responsibly with regard to their finances, with the new borrowing on credit cards being seven per cent lower last month than in January 2006.

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