View more on these topics

New mortgage lending up £3.3bn in November

New mortgage lending increased £3.3bn in November, compared to a £3.2bn monthly increase in October, according to the British Bankers’ Association.

Gross lending, however, was 12 per cent lower than a year ago, which the BBA says is due to the lack of remortgage activity.

The BBA says gross lending is unlikely to increase from its current level until the remortgage market returns.

BBA statistics director David Dooks says: “In the housing sector, prices have continued to edge up and approvals for house purchase are now back at a similar level to that of two years ago.

“Re-mortgaging activity continues to run at a low level as borrowers revert to low standard variable rates or trackers from maturing fixed rate loans.

“Lending to non-financial companies ticked up slightly in November, having declined in each of the previous two months.”

The Royal Institution of Chartered Surveyors senior economist Oliver Gilmartin says: “Today’s numbers add further weight to our view that house prices will continue to move higher during early 2010.

“Lending from mainstream banks has returned to levels last seen two years ago, although remains around 30 per cent below the levels pre dating the credit crunch.

“The rise in demand continues to outstrip supply, although recent indications are that potential vendors that became “reluctant landlords” at the start of the downturn, may be taking this improved pricing environment to place properties for sale.”

He adds: “There are growing concerns that current momentum in the market will see house prices move close to pre crises highs in 2010 stretching affordability further.

“However, RICS expect the market to take a reality check in the second half of 2010, as longer term borrowing costs start to rise pushing the costs of funding for fixed rate mortgages upwards. But, despite some moderation in the second half of the year, house prices could well end the year marginally higher.”



FSA fines up 53%, says RPC

The FSA issued £34.8m worth of fines in 2009, up 53 per cent on 2008, according to City law firm Reynolds Porter Chamberlain.


S&P downgrades British banks

Standard & Poor’s has downgraded the collective rating of Britain’s banks citing a significant debt burden which will lead to high credit losses.

How can I help develop my professional connections?

Graeme Ballantyne, business consultancy manager, looks at how you can maximise the opportunities through your professional connections As we move through the summer months it’s perhaps a good time to pause and reflect on whether the plans you’ve made for your business are bearing fruit. One area we at PruConsulting know many advisers have been […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm