Big Rise In Total Gross Residential Mortgage Lending In 2021
According to figures published by the Building Societies Association (BSA) there was a large increase in the total gross amount lent for residential mortgages here in the UK in 2021 when compared with the previous year. Below we provide some of the statistics that you may find of interest but more details can be found on their website.
In 2021, the total gross amount lent for such borrowing amounted to £313,158 million whereas in 2020 the figure was £245,716 million. That is a significant increase. Monetary financial institutions (building societies and banks) made up for £282,281 million of that figure, other specialist lenders accounted for £21,305 million and Others made up for £10.572 million.
In 2021, the amount of net residential mortgage lending rose by £75,783 million compared to 2020 when the figure was £46,842 million.
In 2021, the total amount of residential mortgaged lending in the UK was £1,569,376 million that was greater than in 2020 when the figure was £1,501,146 million. In 2021 banks and building societies made up for £1,392,986 million of the above figures, other specialist lenders accounted for £113,885 million and Others made up for £62.505 million.
For the month of December 2021, the total gross amount lent for house purchase totalled £15,522 million, £6,860 million for remortgages and £1,049 million for other purposes.
Of course, it should be borne in mind that the above figures include part of the period when the pandemic has been happening in the UK as well as the rest of the world. So, it will be very interesting to see what the figures will look like for 2022 as we are now starting to see things get back to some form of normality. With more people returning to work will we see a further increase in the number of people requiring finance for moving home and remortgaging? We will continue to keep our readers up dated with relevant figures as the year progresses.