More than a quarter of £891bn mortgage debt in the UK has been secured on properties in London, according to figures released by the Council of Mortgage Lenders (CML).
The aggregate mortgage data covers Barclays, HSBC, Lloyds Banking Group, Nationwide Building Society, Santander UK, RBS, and Clydesdale and Yorkshire Bank, which together represent about 73% of the total mortgage market.
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The figures, which break down lending to postcode level, reveal that a total of £227bn worth of home loans are outstanding in London, reported The Guardian.
The data from the CML and British Bankers’ Association show that the lowest volume of outstanding mortgage debt is in the north-east of England, where borrowers owe a collective £26bn, followed by Wales with £28bn outstanding mortgages.
CML director general Paul Smee said as you would expect, strong levels of mortgage lending are broadly correlated with those areas where there is a strong resident population.
"While the dataset covers only three quarters of the mortgage lending market, it certainly shows that there are reassuringly few surprises in the postcode distribution of mortgage lending," Smee concluded.
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