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Residential mortgage report by Bank of England
Consumers looking for residential properties in April saw a 0.8% increase in the amount being loaned to them by banks, a new report shows.
The Bank of England figures reveal there was a £0.5 billion rise in the value of mortgages being lent throughout the month, which is below the previous six-month average of £1.3 billion.
Some 49,871 transactions were made by banks to help fund residential sales in the month, compared to 49,008 in March, although the number of remortgaging loans dropped, it was found.
According to the Bank, the 12-month growth rate for mortgages also decreased to 0.9% and the total amount of consumer credit on offer in April fell by £0.1 billion, compared to the previous month.
The Council of Mortgage Lenders recently claimed that residential sale activity has been lower in the first few months of 2010 than the last half of 2009, but this may be due to the return of stamp duty and reduced incentive to remortgage.
Posted by Sarah Smith
The Bank of England figures reveal there was a £0.5 billion rise in the value of mortgages being lent throughout the month, which is below the previous six-month average of £1.3 billion.
Some 49,871 transactions were made by banks to help fund residential sales in the month, compared to 49,008 in March, although the number of remortgaging loans dropped, it was found.
According to the Bank, the 12-month growth rate for mortgages also decreased to 0.9% and the total amount of consumer credit on offer in April fell by £0.1 billion, compared to the previous month.
The Council of Mortgage Lenders recently claimed that residential sale activity has been lower in the first few months of 2010 than the last half of 2009, but this may be due to the return of stamp duty and reduced incentive to remortgage.
Posted by Sarah Smith
Thu, 3rd Jun 2010