New mortgage advances in the third quarter of this year stood at £40bn, up 7% from the second quarter but down 9% on the same period last year.
Lending for house purchase accounted for 66% of this amount, official statistics from the FSA show.
The proportion of lending done at more than 90% LTV was just above 2% for the third quarter in a row, demonstrating the ongoing requirement by lenders for large deposits.
Lenders also continued to look unfavourably on borrowers with impaired credit histories, with only 0.3% of loans going to them.
The proportion of advances for remortgages was the lowest ever at 27%.
The data from the FSA also notes that new lending commitments fell 10% from £40bn in Q2 to £36bn in the last quarter.
There were 35,900 new arrears cases in Q3, an increase of 4% on the last quarter and of 3% on Q3 last year. However, the number of new repossessions in the quarter fell by 2% to 8,521.
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Comments
I dont come here to make a difference, I come here to debate, comment and learn. If that winds you up sorry your going to have to put up with it pal.
What do you come here for? Other than to spew bile?
Change the record Slap, no ones listening , even idiots like Brit etc gave up as they realised they make zero difference, and apart from in your little Slap head nor do you!
That's a very mature argument :0)
Well you are right no crash in mean prices has happened (look a little deeper and you will find significant regional drops), but that is hardly surprising with interest rates at record low, lender forbearance, criminal foreign money being laundered in London, and mass immigration to the UK.
Mind you, even with all this the market is stiill stagnant Only London and the southeast prop up the mean average price.
So what's left in the pot to lift the market? a return to loony lending perhaps. Well it's not going to happen soon with the major banks having little capital and running scared of litigation by the US.
I am no HPC'er but house prices are still well above the long run average earnings to price ratio but expect the very long drawn out correction to continue.
Oh dear there does not appear to be a crash does there!