Gross mortgage lending sees steady rise during 2018

Posted on Friday, January 25, 2019

The latest figures released by UK Finance have revealed that, against a backdrop of political and economic uncertainty throughout 2018, gross mortgage lending in the UK ended the year on a positive note.

According to UK Finance data, lending across the residential market reached £267.5bn in 2018, 3.8% higher than in 2017.

In addition to this, gross mortgage lending in December saw a 4.7% year-on-year increase reaching £21.1bn compared to December 2017.

However, despite strong lending figures, the number of mortgages approved by the main high street banks in December 2018 was 2.4% lower than the same month the previous year.

Approvals for home purchase were 5.3% higher but remortgage approvals dropped 5.8% and approvals for other secured borrowing fell by 18.9%.

Eric Leenders, managing director of personal finance at UK Finance, said: "Mortgage lending grew in December compared to the previous year, with borrowers defying seasonal trends and purchasing a property throughout the festive period."

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