According to the Bank of England, the net sterling mortgage lending by all UK residents increased in May by £1.2 billion according to the July Report released by the Bank of England.
Gross mortgage lending for house purchase purposes was unchanged in June with re-mortgaging activity generally continuing to be weak.
The number of mortgage approvals for house purchases fell from 51,000 in May to 48,000 in June.
The outlook is therefore fairly flat in terms of the private individuals secured lending growth rate which if annualised to the end of June, equates to an annual growth rate of 1.1 %. In simple terms this is the amount of growth in lending to individuals secured on property over the last year.
20th July 2010