51% more mortgages were loaned for house purchase in November 2005 than in November 2004.
Recent figures from the Major British Banking Groups indicate gross mortgage lending in November was among the highest on record.
"Gross lending on mortgages reached a very high level in November confirming the recovery in the housing market after a relatively weaker early part of the year. Approvals, particularly for house purchase, continued to be strong with little evidence of the normal seasonal slowdown," said David Dooks, director of statistics with the British Bankers' Association.
192,927 mortgage approvals took place in November, worth £19.1 billion. Average mortgage approval in relation to house purchases went up to £130,800.
17% more took out a remortgage, with the value of these loans up 34%.
There was also a small rise in those taking out equity release mortgages, with 1% more doing so in November 2005 than November 2004.
Overall, this is good news for the property market.
"Robust overall mortgage lending and approvals data indicate that housing market activity continued its recent firmer performance in November," said Howard Archer, chief UK economist at the Global Insight consultancy.
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Mortgage Lending Increases Thu, 05 Jan 2006
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