Figures from the British Bankers Association (BBA) have found that the figure for gross mortgage lending in September increased to £8.4billion, despite approvals dipping slightly.
The amount of money lent by the banks was up from £8.3 billion in August, with a spokesperson for the BBA suggesting that the increase is due to more activity in the buy to let market.
However, the number of mortgage approvals were down 6% compared to August’s figures. 33,130 mortgage loans were approved in September, whereas at the height of the housing market there were about 130,000 approvals a month.
First time buyers who are struggling to get on the property ladder are still concerned about the lack of mortgage lending but the number of 90% mortgages on the market are increasing, so it is important to keep looking.