Mortgage lending increases in March

Mortgage lending increases in March

Thursday, April 22, 2004

The British Bankers' Association said today that mortgage lending rose by £6.0 billion in March compared with a recent monthly average of 5.5 billion pounds.

Within unsecured personal lending (£1.4 billion), card borrowing was more prominent than of late, rising by £0.5 billion, whilst demand for personal loans also strengthened, after subdued growth in February.

David Dooks, BBA director of statistics, said: "Mortgage lending and consumer credit were buoyant in March.”

“The month saw a large rise in mortgage lending and, with consumer credit rising by more than in February, individuals appetite for borrowing shows little sign of abating.”

“The consequences for the rest of the economy are also apparent in these lending figures, with stronger demand for finance from wholesalers, garages and retailers, sectors which are all underpinned by the consumer."

Net lending rose by £7,351 million in March, compared to £6,334 million in February and £5,352 million in March 2003). Mortgage lending accounted for £5,955 million of the rise, compared to Februarys £5,551 million.

Following Februarys subdued rise of £377 million, March saw a strong rise of £911 million in loans and overdrafts, whilst card borrowing was also stronger than of late, increasing by £484 million.

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