Mortgage lending up £1bn on last July BSA figures reveal
House-buyers borrowed £1bn more in mortgages in July than in the same month last year, according to the latest figures from the Building Societies Association. The news was welcomed as a sign of sustained improvement in the housing market coming the day after the Royal Institute of Chartered Surveyors reported that house prices were stable or rising in all regions of England and Wales for the first time in a decade. The Government hailed the news as the return of the ‘feel-good factor’.
The big banks provided further evidence of growing consumer confidence. In July they lent their personal customers a near-record £539m – £217m through credit cards and the rest in personal loans, for purchases of cars and other consumer durables. There was also a 16% increase in credit card spending.
Analysts believe the news will help Chancellor Kenneth Clarke resist Bank of England pressure for a rise in interest rates.
- The Daily Telegraph 21/08/96 page 1, page 2, page 4, page 21, page 24, page 25
- Financial Times 21/08/96 page 1, page 7, page 15
- The Times 21/08/96 page 1, page 23
- The Independent 21/08/96 page 4, page 16
House-buyers borrowed £1bn more in mortgages in July than in the same month last year, according to the latest figures from the Building Societies Association. The news was welcomed as a sign of sustained improvement in the housing market coming the day after the Royal Institute of Chartered Surveyors reported that house prices were stable or rising in all regions of England and Wales for the first time in a decade. The Government hailed the news as the return of the ‘feel-good factor’.
The big banks provided further evidence of growing consumer confidence. In July they lent their personal customers a near-record £539m – £217m through credit cards and the rest in personal loans, for purchases of cars and other consumer durables. There was also a 16% increase in credit card spending.
Analysts believe the news will help Chancellor Kenneth Clarke resist Bank of England pressure for a rise in interest rates.
The Daily Telegraph 21/08/96 page 1, page 2, page 4, page 21, page 24, page 25
Financial Times 21/08/96 page 1, page 7, page 15
The Times 21/08/96 page 1, page 23
The Independent 21/08/96 page 4, page 16
