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Homeowner lending 'hits two-year high'
Mortgage lending in the UK reached a two-year high during November, according to new figures from the British Bankers' Association (BBA).
The financial services body found that lending for house purchase was up 152.3 per cent on figures for 12 months ago, as well as 0.4 per cent higher than in November 2007.
In addition, the total value of homeowner loans approved across the month was £6.6 billion, which was over 200 per cent higher than a year earlier.
Katie Tucker, technical manager at advisory firm Mortgageforce, said the findings were "very encouraging", particularly due to how close they are to figures from 2007.
She added: "Lenders have got very strong targets for mortgage lending next year, so we can expect the figures to be considerably higher next year as well."
Earlier this month, figures from the Council of Mortgage Lenders suggested that there had been a ten per cent drop in lending during November in comparison to October.