Mortgage Borrowing Edges Up but Remains Below Average

Mortgage borrowing in the UK increased slightly in August but remains below average, according to new data from the Bank of England.

The bank's monthly banking statistics report that net mortgage lending rose to £4.4bn in August, up from £4.1bn in July. However, this is still lower than the six-month average of £5.2bn.

Secured gross lending decreased to £23.6bn in August, down from £25.3bn in July, and below the six-month average of £26.5bn. Repayments also fell to £20.4bn, from £21.1bn, below the six-month average of £21bn.

The number of net mortgage approvals for house purchases decreased to 54,900 in August, from 55,900 in July. Remortgaging with a different lender also declined to 34,000 in August, from 34,600 in July.