Gross mortgage lending up to £9.3bn

In August gross mortgage increased from an average of £8.4bn over of the last six months to hit £9.3bn.

The latest BBA figures showed that the numbers of approvals for house purchase and remortgaging both rose in August, with house purchase the highest since 2009 and remortgaging the highest since 2011.

Paul Hunt, managing director of Phoebus Software was positive about the figures which he attributed to government initiatives such as the Help to Buy scheme and the Funding for Lending Scheme.

Mr Hunt said: “Despite previous market volatility, it seems there’s a good chance the mortgage market will see even greater activity in coming months.

“Funding conditions have been transformed as reflected by the falling rates and higher numbers of mortgage approvals recently. Lenders are supporting the market’s growth, thanks to their proactive approach to lending and willingness to help a wide range of borrowers.”

Not everyone took the figures so positively. David Brown, commercial director of LSL Property Services, said: “Mortgage approvals are still a long way from their peak, and more importantly a long way from the levels that could make everyone a homeowner.

“This is excellent progress, but the mortgage industry has only conquered the foothills of a real recovery.”

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