Gross mortgage lending increases by almost four per cent

According to the latest UK Finance Household Finance Update Gross mortgage lending across the residential market saw a yearly increase of 3.7 per cent.

Mortgage approvals for new purchasers were also 13.5 per cent higher and remortgage approvals rose by 23.4 per cent since the previous year.

The update showed that 85,880 mortgages in total were approved by the main high street banks in September this year alone. Gross mortgage lending across the residential market during this period was £22.3 billion.

Approvals of other secured borrowing also saw a year-on-year increase of 8.5 per cent, according to UK Finance.

Personal borrowing through loans in September was 9.8 per cent higher than in the same month a year earlier, while £11 billion was spent on credit cards, which was an increase of 10.1 per cent on September 2018.

Repayments have remained in line with credit card spending, showing that consumers are managing their finances effectively overall.

Link: Household Finance Update