Underlying British mortgage lending growth eased in January but was only slightly below its recent average, the British Bankers' Association (BBA) said today.
Underlying mortgage lending rose by £4.6 billion sterling ($7.98 billion) in January, down from December's rise of £5.3 billion and slightly below the six-month average of £4.7 billion, the BBA said.
"The underlying rise in mortgage lending was close to trend in January, suggesting that stronger growth towards the end of 2005 may not have established a sustained upturn in lending," said BBA director of statistics David Dooks.
Figures released at the same time from the Building Societies Association showed the value of mortgage approvals, loans agreed but not yet made, rose to £4.322 billion in January from £4.126 billion in December - their highest since November 2003.
Separately, the Council of Mortgage Lenders said gross mortgage lending totalled £23 billion in January - the highest lending figure for that month on record and nearly one third higher than the £17.4 billion lent in January 2005.