Hanley Economic Building Society Impressive Mortgage Growth

The State of Mortgage Lending in the UK

The UK mortgage market has experienced significant growth in recent years, with mortgage balances reaching a record high of £379.62 million in the latest available data. This substantial rise from £345.85 million in the previous quarter highlights the resilience of the market despite economic challenges.

Key Statistics

New mortgage lending saw a 12% increase, indicating a strong lending performance.

This represents a 5.1% increase in new mortgage lending compared to the previous year.

The Rise of New Mortgage Lending in 2024

The UK’s housing market has seen a significant increase in new mortgage lending in 2024, with Hanley Economic reporting a 4.12% rise in new mortgage lending, totaling £95.04 million. This represents a 5.1% increase compared to the previous year.

Key Statistics

£04 million: The total amount of new mortgage lending in 2024

12%: The percentage increase in new mortgage lending compared to the previous year

£28 million: The total amount of new mortgage lending in the prior year

1%: The percentage increase in new mortgage lending compared to the previous year

Factors Contributing to the Rise

Several factors have contributed to the rise in new mortgage lending in 2024. These include:

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Low Interest Rates: The Bank of England’s decision to keep interest rates low has made borrowing more affordable for consumers. Government Incentives: The government has introduced incentives to encourage people to buy homes, such as the Help to Buy scheme. Economic Growth: The UK’s economy has been growing steadily, which has led to an increase in consumer confidence and spending power. ### Impact on the Housing Market**

Impact on the Housing Market

The rise in new mortgage lending has had a positive impact on the housing market. This includes:

Increased Demand: The increase in new mortgage lending has led to an increase in demand for homes, which has driven up prices. * Improved Housing Conditions: The increase in new mortgage lending has also led to an improvement in housing conditions, with more people able to afford to buy and maintain their homes.