View more on these topics

Mortgage lending down in September but purchase approvals up, says BBA

Annuity-Arrow-700x450.jpg

Gross mortgage borrowing fell 2 per cent in the year to September 2015, while house purchase approvals dropped 15 per cent in the year, according to the British Bankers’ Association.

In September, gross borrowing was £12bn, down from the £12.4bn figure reported by the BBA for August.

However, the Association said its members approved 38,252 mortgages for house purchase in September, down 15 per cent on the same month last year but up from the 37,241 approvals in August, which had been the lowest level since January 2015.

BBA chief economist Rebecca Harding says: “Mortgage approvals picked up slightly this month but the housing market continues to shows signs of underlying weakness. Both house purchase and remortgaging approvals are down on the corresponding figures for 2015.”

SPF Private Clients chief executive Mark Harris says: “The drop in purchase activity year-on-year is no real surprise. Confidence is lower, there is still uncertainty about what the future holds and when people are uncertain they will defer decisions. Buying a house is a big transaction in anyone’s eyes and people are delaying that decision until they are happy that they are making the right one.”

Recommended

House-Home-Property-Ladder-Mortgage-700x450.jpg

Approvals down 21 per cent in August: BBA

House purchase approvals fell 21 per cent in August year-on-year to 36,997, according to the British Bankers’ Association. The first eight months of 2016 also saw house purchases fall 2 per cent compared to the same period the year before. Gross mortgage borrowing of £12.4bn in August was 1 per cent higher than in August […]

UK-Great-Britain-Bunting-700x450.jpg

BBA: Brexit not hitting mortgage borrowing

Brexit has not hit mortgage borrowing demand, according to figures from the British Bankers’ Association. Gross mortgage borrowing this month is at £12.6bn, up by 6 per cent compared to July 2015. Net mortgage borrowing is also 3 per cent higher than last year. Yorkshire Building Society head of corporate affairs Tanya Jackson says: “These […]

Board-Room-Meeting-Room-Business-700.png

BBA members vote for trade body merger

Members of the British Bankers’ Association have voted for the organisation to merge with three other bodies to form a new trade association. The BBA will now join the Council of Mortgage Lenders, Payments UK and UK Cards Association in the new trade body. Around 94 per cent per cent of the BBA’s voting membership […]

Passport - thumbnail

Thinking of expanding overseas?

Whether you’re a small company or an established larger employer, expanding overseas into emerging markets can be an extremely attractive prospect for growing your business. However, with this comes a duty-of-care requirement to any staff based overseas.

Newsletter

News and expert analysis straight to your inbox

Sign up