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Annual growth in mortgage lending 'reached 4.1% in June'
New figures from the British Bankers' Association (BBA) have suggested that the annual growth in banks' net mortgage lending reached 4.1 per cent during June.
According to new statistics published by the organisation, the figure was up from the rate of 1.1 per cent recorded in May.
However, gross mortgage lending of £8.6 billion in June was below the average recorded over the previous six months, although high street banks continued to see strong repayments.
David Dooks, statistics director of the BBA, suggested that mortgage lending changed little in June.
"The abolition of HIPs and a reported increase in the number of house sellers is expected to encourage activity in the market, though this may be tempered by households' uncertainty over job prospects and the impacts of fiscal tightening," he added.
Recent figures from the Council of Mortgage Lenders suggested that levels of gross lending in the UK rose by 15 per cent in June to reach £13.1 billion.