Mortgage lending continues to grow
Published On 19 October 2006
New figures indicate that mortgage lending is well up on last year's totals.According to the Building Societies Association (BSA), gross advances rose to £5,047 million last month from £4,147 million a year earlier.
In addition, approvals were also on the rise, up from £4,071 million last September to £4,874 million this time around.
Adrian Coles, BSA director general, commented: "Despite August's interest rate rise, September was another strong month, with gross advances being the highest September figures on record.
"On a seasonally adjusted basis, mortgage approvals were also the highest September figures on record."
He added that strong approvals figures indicate that a continued high demand can be expected over the short term.
However, the likelihood of an interest rate rise in November could see many potential homeowners have a change of mind and delay their decision to opt for a mortgage.
