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Secured lending up 22% in a year

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Secured lending up 22% in a year

Lending statistics have shown a post-recession peak in secured lending after an increase of 22 per cent…


According to new figures from Loans Warehouse, secured lending figures have increased by 22 per cent compared to the same period of last year, totaling at a colossal £56,580,496. 

Combined with a ten percent month-on-month growth, these strong figures suggest market confidence is restored to pre-crisis levels.

The lending business as a whole is booming for the 32nd consecutive month, according to the Secured Lending Index data.

Year to date lending figures have grown by 31 per cent on the same stage from last year, which adds up to a total of £85,160,000 of additional lending in the first seven months of this year.

"Everywhere you look at the moment there seems to be growth," said Matt Tristram, the Director of Loans Warehouse and Clearly Loans.

According to the Council of Mortgage Lenders, the same months saw a seven percent hike in gross mortgage lending driven by homebuyers on the back of relatively low remortgaging action in June.

However, the numbers publicised by the Bank of England were somewhat more restrained, focusing on a small decrease in net mortgage approvals for the month of July.

The apparent contradiction could be explained by the fact that those applications which gained backing were for larger value properties – compensating the growth in money volume.

What housing crisis? One might even ask.

 




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