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Mortgage lending outlook uncertain

Wednesday, 27 April 2011 4:09 PM

High street banks increased net mortgage lending by 2.3 per cent in March, according to figures from the British Bankers Association.

The banks approved 1,482 more home loans last month than in February, but this is still down ten per cent on the same time last year.

Furthermore, the average value of £145,400 was 0.5 per cent lower than a year earlier, suggesting the mortgage market is yet to recover.

Gross mortgage lending of £7.7bn in March was down marginally on the recent six month average of £7.9bn and 11 per cent lower than gross lending recorded in March 2010.

Although gross mortgage lending was fairly consistent it was bolstered by the number of remortgage approvals in March, which were seven per cent lower than the previous month, but one per cent up on March 2010.

BBA statistics director David Dooks said: "Uncertainty about future prospects for the economy is a significant factor behind these statistics … Householders also remain focused on paying down debt, leading to a net contraction of unsecured borrowing and low net mortgage lending, although new mortgage lending is holding up fairly well."

Figures from the Council of Mortgage Lenders published last week show that gross mortgage lending was an estimated £11.3 billion last month, down by two per cent on March 2010.

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