UK mortgage lending soars to near two-year high

08/18/06 - newratings.com

LONDON, August 18 (newratings.com) – Underlying net mortgage lending in the UK rose to a near two-year high in July, according to data published by the British Bankers Association (BBA).

The London-based association said net mortgage lending rose by £5.7 billion in July, from a rise of £5.5 billion in June. The rise of £5.8 billion in May was the highest since April 2004. The BBA’s Director of Statistics David Dooks added, "The robust nature of mortgage lending continues, with recent monthly net increases not far short of the movements seen when lending peaked in 2003/4." The Telegraph quoted Adrian Coles, director-general of the Building Societies Association, as saying, "…there are signs that the mortgage market is about to come off the boil to a gentle simmer."