Gross mortgage lending climbs to £7.3bn in September

The British Bankers’ Association’s figures for September show gross lending rose by £0.3bn to reach £7.3bn but remained below the six month average of £7.5bn. Net lending rose from minus £0.3bn in August to £03.bn in September.

The number of mortgage approvals reached 62,974, up from 60,119 in August and 2,771 above the six month average. The value of mortgage approvals was £8.1bn in September, up from £7.7bn in August.

BBA statistics director David Dooks says: “The continuing economic uncertainties both in the UK and in the Euro area are having a dampening effect on activity within firms and households. “Households are reducing borrowing requirements and have no appetite to take on more/new debt.