September figures for the main high street banks1
25/10/10

The annual growth in the banks’ net mortgage lending is 3.9%, substantially ahead of the 1.0% for the whole mortgage market in August.

BBA statistics director, David Dooks said:

"Subdued mortgage activity and little demand for unsecured credit are a reflection of household uncertainties ahead of this week's Spending Review. Demand for new mortgages remains low despite more properties on the market and falling house prices.

"Business borrowing continues to reflect weak demand combined with companies reducing gearing by repaying bank borrowing."

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Notes to Editors

1. The main high street banking groups (MBBG) account for some two-thirds of all UK mortgage lending outstanding, provide around half of all consumer credit and, within that, some 60% of all new card credit based on the Bank of England’s ‘lending to individuals’ data. They include the six largest UK retail lending groups: Santander UK (including Alliance & Leicester and Bradford & Bingley deposits), Barclays, HSBC Bank, Lloyds Banking Group, Northern Rock and Royal Bank of Scotland Group.
2. 2. Following a change in statistical reporting in January 2010, securitised loan assets held within special purpose vehicles are now included in their parent banks' reported lending. The impact of this change has been adjusted out of earlier flows.
3. 3. The BBA is the leading UK banking and financial services trade association, representing members from 50 countries on domestic and international issues. Members provide the full range of banking and financial services, operating some 150 million accounts in the UK and making up the world’s largest international banking centre.
4. 4. A note explaining lending terms is available from the BBA website at http://www.bba.org.uk/statistics/article/lending-terminology