Gross mortgage lending across the UK residential market dipped 1.2% to £21.5bn in September 2018 from £21.8bn last year. The UK mortgage lending drops were found out by trade association UK Finance.

UK mortgage lending drops

Compared to September 2017, high street banks’ mortgage approvals dropped 9.1%.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Approvals for house purchase decreased 10.1% to 37,352 from 41,529 in the previous year.

Remortgage approvals dropped 7.4% to 27,676 from 29,899 a year ago, while approvals for other loans fell 9.8% year-on-year to 8,615.

Credit card spending reached £10bn last month, up 3.4% compared to last September.

The outstanding level of credit card borrowing increased 5.7%, while personal borrowing through loans and overdrafts rose 2.3%.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The data also revealed a growth of 0.9% in personal deposits. Instant access deposit levels rose 3.1% on a year-on-year basis, which UK Finance attributed to consumers’ preference for holding cash for immediate use.

UK Finance managing director of personal finance Eric Leenders said: “The mortgage market softened slightly in September, following strong remortgaging activity in the months preceding the recent base rate rise.

“There has been modest year-on-year growth in card spending. However, borrowing through personal loans and overdrafts has contracted slightly in recent months, suggesting demand for unsecured household finance is becoming more subdued. Consumers are increasingly choosing to keep cash close to hand, with deposits held in instant access accounts showing steady growth.”