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Jul 31, 2006
The British Bankers' Association (BBA) has released figures which revealed strong mortgage lending coupled by weakening consumer credit for the month of June 2006.
BBA statistics show that June's gross mortgage lending of £20.5 billion was the highest on record, 12% above the outturn for May and 24% higher than June last year. Meanwhile, seasonally adjusted underlying net mortgage lending (gross lending minus repayments and redemptions) rose by £5.6 billion, compared with £5.8 billion in May, £4.7 billion in June 2005 and an average of £5.3 billion over recent months.
Meanwhile, new borrowing on credit cards reached £7,243 million in June. BBA noted that this was 6% lower than the previous month, but repayments outstripped spending and, after seasonal adjustment, net lending fell by £245 million, having been broadly flat on average in recent months. Finally, new lending on personal loans and overdrafts in June was found to be weaker than May and after seasonal adjustment, net lending showed a rise by £189 million compared with a recent monthly average of more than £370 million.
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