27-06-2007
UK mortgage lending strengthens
Lending in the UK mortgage market strengthened in May, it has emerged.
According to figures published by the British Bankers Association (BBA), total gross mortgage lending in May 2007 was eight per cent higher than for the same period the previous year.
During the one month this year, 204,800 mortgages were approved.
"Contrary to the recent stable trend, the banks' gross and net mortgage lending strengthened in May, reflecting an improved competitive position, rather than a general rise in mortgage demand across the market," said David Dooks, director of statistics at the BBA.
"The banks' higher market share is likely to continue over the next couple of months," he added.
In May 2007, total gross mortgage lending reached £19.7 billion.
The BBA is a UK-based trade association for banks.
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