Figures show quarterly growth in mortgage lending

December 18, 2024 by Brendan O'Neill

Surveys and Statistics

The latest figures from the mortgage market in the UK show that there was an annual rise in the lending total during the third quarter of 2024, marking the second quarter in a row where that was the case.

This quarter brought a rise of 15% in mortgage lending, compared with the same period for 2023. The second quarter of the year was when lending totals began to grow again, on an annual basis, following a sluggish period for the market. These figures were provided by UK Finance.

The activity levels in the market over the course of this year have been heavily influenced by mortgage product price fluctuations. It is no coincidence that the third quarter of 2024 brought significant reductions in prices by lenders. This led to the number of applications for loans going up and UK Finance believes that trend will continue across the last quarter.

Its personal finance managing director, Eric Leenders, told Financial Reporter that:

“We are seeing more signs that the cost-of-living pressures bearing down on households are beginning to ease, with mortgage lending and savings both increasing during the quarter.”

He then went on to add that the available figures indicated that things were improving, albeit slowly. However, Leenders also pointed out that people within the UK were still facing a number of financial challenges heading into a new year.

Anyone who has the CeMAP mortgage advisor qualification will be heartened by these figures, as they point towards greater numbers of borrowers entering the market in search of properties.