20 August 2003, 15:09  UK mortgage lending surges in July

UK mortgage lending surged in July, picking up pace from the previous month, according to figures released today by the British Bankers Association (BBA). The BBA said mortgage lending rose by STG5.5bn compared to June's increase of STG5.0bn. "The major banks' lending was buoyant in July," said Roger Brown, executive director of the BBA. "Lending to individuals strengthened somewhat, with mortgage lending posting a rise above the recent trend," he added. Personal loan demand was weaker, rising by STG300m in July, around half of June's figure. Credit card lending bounced back, posting a rise of STG400m.
The continued strength in mortgage lending was backed up by figures from the Council of Mortgage Lenders. It showed total gross lending to house buyers jumped to STG25bn in July - 12pc up on June and 18pc up on the same month last year. "July's figures support the picture of a housing market that remains stronger than expected," said Michael Coogan, director general at the CML. He also dismissed fears of a market crash, saying, "We do not anticipate any shocks to the market that would cause serious problems." //www.fxcentre.com

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