Figures released by the British Bankers' Association last week show that gross mortgage lending totalled £15.5bn in May.
This was £0.6bn lower than April and reflects lower approval volumes seen in April. After seasonal adjustment, there was a rise in net lending of £4.9bn.
Approvals in May were 5% stronger than the relatively weak figure seen in April. There were 222,000 loans approved in may, with a total value of £18bn. The average approval for house purchase rose again, to £115,400.
Overall net consumer credit was weaker than in April, rising by £0.9bn. Credit card borrowing was not as strong as in April, growing by £0.5bn.
David Dooks, BBA director of statistics, says: “May's data present conflicting messages about the mortgage market. While growth in both gross and net mortgage lending was not as strong as in April, loan approvals, particularly for house purchase and for fixed rate products, saw stronger outturns, suggesting that lending data will hold up in the coming months.”