Mortgage lending up 20% in Q3 2009
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New mortgage advances totaled £40bn, an increase of 20 per cent over the quarter.
In its quarterly mortgage report, the FSA says the mortgage market remained broadly flat over the last 12 months - the total value of outstanding loans is now £1.2 trillion, an increase of 1 per cent compared to a year earlier.
But net mortgage lending increased by 20 per cent on Q2 2009 numbers to £40bn, but was still down on Q3 2008’s £61bn figures.
But the number of new repossessions totalled 14,000, a 2.8 per cent increase on Q2, but some 5 per cent below the peak at the start of the year, according to the regulator.
The number of new arrears cases continued to fall, down by 10 per cent in the quarter to 46,000. At the end of Q3, the number of accounts in arrears had fallen to 395,000, a decrease of 2 per cent in the quarter, but 16 per cent higher than in Q3 2008.
The FSA says lending for house purchase has continued to represent an increasing share of new lending, accounting for 57 per cent of new advances and 62 per cent of new commitments in this latest quarter. Remortgages accounted for 34 per cent, the lowest proportion since the series began in 2007.
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