/24-7PressRelease/ - LONDON, UK, November 06, 2006 - British Bankers' Association (BBA) has come out with figures which show that net mortgage lending in September rose by 5.4 billion.
It was 0.4 billion lower than the mortgage figures from August and below the monthly average of 5.6 billion. A good number of first time buyers were there among the mortgage borrowers.
Further it has been suggested by the BBA that underlying credit card borrowing was down by 0.1 billion in compared to last month's figures. On the other hand loans and overdrafts rose by the same amount during the last month.
David Dooks, BBA director of statistics, said that it was not unusual for an above-trend net mortgage lending figure, as they saw in August, to be followed by a below-trend figure, as in September.
He explained that neither figure should be viewed as a sign of structural changes in demand. The underlying movements had been stable recently, increasing by around 5.6 billion a month for the last five months.
Though the pattern of weak consumer credit continued in September, there was a rise in personal loans but a decline in credit card borrowing.
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