Mortgage lending soars in the UK

Mortgage lending by the major banks in the UK rose by 46% in August following a dip during the previous month, figures showed today.

Net lending, which strips out redemptions and repayments, reached £2.8bn (€3.1bn) last month, recovering from just £1.9bn (€2.1bn) in July, according to the British Bankers’ Association.

The figure was slightly above the recent six-month average of £2.7bn (€3bn) and 17% higher than in August last year, as demand continued to be boosted by the recovery in the housing market.