Net mortgage lending 'increased in September'

Posted: 26 Oct 2011 12:46:22 GMT

September saw an annual growth in bank net mortgage lending of 1.6 per cent.

Annual growth in the net mortgage lending of the UK's banks increased slightly in September, new research has shown.

Carried out by the British Bankers Association (BBA), the study revealed a 1.6 per cent rise during the four-week period - a level marginally up on the 0.6 per cent recorded for the whole home loan market in August.

David Dooks, statistics director at the BBA - whose 200-plus member banks derive from 60 countries across the globe - noted September witnessed a small net uptake in business lending to the non-financial sector, but suggested many investment ideas are being delayed due to ongoing concerns regarding the stability of the wider economy.

The industry figure observed a number of firms are therefore looking to increase their cash reserves where possible.

He added: "Households are limiting their borrowing in the face of unemployment concerns and pressure on household finances amid general economic uncertainty."
 

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