Gross mortgage lending at £22.3bn; 3.7% higher than a year ago

Gross mortgage lending across the residential market in September 2019 was £22.3bn, 3.7% higher than in the same month in 2018, according to UK Finance.

There were 85,880 mortgages approved by the main high street banks in September 2019. Mortgage approvals for home purchase were 13.5% higher, remortgage approvals were 23.4% higher and approvals for other secured borrowing were 8.5% higher than in September 2018.

The £11bn of credit card spending in September 2019 was 10.1% higher than in September 2018. Repayments have remained in line with credit card spending, showing that consumers are managing their finances effectively overall. The level of credit card borrowing grew by 3% in the year to September 2019.

Personal borrowing through loans in September 2019 was 9.8% higher than in the same month a year earlier. Overdraft borrowing was 5.2% higher in September 2019 than in the same month a year earlier, while the longer-term trend has seen overdraft borrowing decline.

Personal deposits grew by 1.7% in the year to September 2019. Three-quarters of deposits were held in immediate access accounts in September 2019, in line with the same period last year.

“Today’s household lending figures, perhaps surprisingly, paint a picture of resilience,” PRIMIS proposition director Vikki Jefferies said.

“This is in part down to the hard work and diligence of brokers who are continually striving to secure the best consumer outcomes. These figures show that from a consumer perspective they’re happy for it to be ‘business as usual’.

“As ever, advice is a vital part of the mortgage process, and intermediaries play a key role in accessing the best deals available for borrowers. With the necessary support behind them, I hope to see brokers continue to add to the positive level of mortgage lending we’re seeing.”

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