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27 June 2006
A surge in consumer confidence helped to bring mortgage lending in May up to record levels, new figures show.
Gross mortgage lending hit £28.7 billion in May, making it the second-highest overall figure on record and the highest May figure on record, according to data from the Council of Mortgage Lenders.
The figures reflected the vital role played by consumer confidence in the housing market, said mortgage advisor company John Charcol
"As the much-threatened house price crash of 2005 failed to materialise, over the past six months consumers have returned to the table and lending is now regularly hitting record levels," said Drew Wotherspoon of John Charcol.
The trend was borne out by data from the British Bankers' Association (BBA), which saw net mortgage lending rise by an underlying £5.7 billion, the largest monthly increase since the rise of £6 billion in April two years ago.
Borrowing on unsecured loans and overdrafts also grew in May, by £0.7 billion, according to BBA figures, although underlying credit card borrowing fell by £0.3 billion.
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