The British Bankers' Association reports that gross mortgage lending in January of £14,515mn was 14% lower than December's total of £16,935mn. This was 25% higher than the very low £11,642mn in January 2005, but only just above the £14,255mn in January 2004.
Seasonally adjusted net mortgage lending rose by £4,609mn, compared with £5,343mn in December. Compared to the same month a year earlier, January's approvals of house purchase loans were 32% higher by number and 47% higher by value; remortgaging loans were 2% lower by number but 7% higher by value; and equity withdrawal loans were 1% higher by number and 10% higher by value.
David Dooks, BBA director of statistics, said: "Seasonally adjusted net mortgage lending fell back to around the recent trend in January and the level of approvals, in particular for equity withdrawal, held up well in what is traditionally a slow month. Whilst credit card lending continued to be subdued, consistent with the current weakness in retail sales, lending on loans and overdrafts was stronger than of late, with a greater use being made of overdrafts".
