Latest figures from the major British banking groups published by the British Bankers' Association for May 2004 show that mortgage lending rose by £4.9bn during the period.
Total sterling lending to the UK private sector showed an underlying net increases of £10.8bn to £996.6bn and overall lending to non-financial companies expanded by £3.8bn.
David Dooks, BBA director of statistics, says: “After several months of buoyant mortagage lending, it would be premature to conclude, just on the basis of weaker lending in May, that the market is moderating. Consumer credit overall was much in line with the current average, with credit card lending being slightly stronger than average and other loans slightly weaker. In the corporate sector, continued strong lending to property companies was the main driver of the data.”