/24-7PressRelease/ - LONDON, UK, October 26, 2006 - The growth rate in mortgage lending suffered a setback this September as it rose by its smallest margin in the last five months. Experts say that not much should be read into one month's data. However, any further rise in the borrowing costs this year could dampen the property market.
The figures issued by the British Bankers' Association (BBA) show that the underlying mortgage lending in September increased by its smallest margin in the last five months.
The rise in underlying net mortgage lending was 5.4 billion pounds in September, the smallest figure since April 2006. In August, the corresponding rise was 5.9 billion pounds. Even the average rise over the last six months is 5.6 billion pounds and the September's figure falls below that.
Mortgage is nothing but a type of secured loan where the borrower offers his property to the lender as a security for the repayment of a loan.
The Director of Statistics at BBA said that September's small increase in mortgage lending was only to be expected after August's record rise and did not signal a shift in demand. He further cautioned that neither figure should be viewed as a sign of structural changes in demand.
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