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Gross lending in November drops 13.5% year-on-year

Gross mortgage lending in November was 13.5 per cent down on a year ago, according to the British Bankers’ Association.

Gross lending reached £7.8bn while net lending increased by £1.5bn compared to £3.4bn in the same month in 2009.

Total mortgage approvals reached 74,306, up from 73,475 in October.

House purchase approvals reached 29,991, down marginally on the 30,689 purchase approvals in October.

The average value of house purchase approvals – £145,000 – was 1.9 per cent higher than a year ago, when it reached £142,200.

The trade body says the number of remortgage approvals in November were stronger than the recent six-month average as an increased number of borrowers switched lenders when rolling over fixed rate loans. Remortgage approvals stood at 27,045, up on the six-month average of 23,345.

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