The total amount of residential lending increased to an all-time high of £1.67tn at the end of Q3, an increase of 4.1% on the same period last year, according to Coventry Building Society’s review of the latest Bank of England data.
The Mortgage Lending and Administration Return shows the total residential lending figure has been climbing each quarter for over five years – the last time the figure dropped was 2017 Q2.
Annually the figure has increased each year since 2007.
Jonathan Stinton, head of intermediary relationships at Coventry Building Society, said: “The record level of lending indicates the ongoing resilience of the UK mortgage market.
“Since these records started in 2007, the total lending figure has increased year after year – weathering a financial crisis and a pandemic.
“The mortgage market not only survived but grew over a quarter in the past decade alone.
“During the past 12 months there has been another unique set of challenges, yet still a record amount of money has been lent – much of this can be attributed to the hard work and determination of brokers.
“Their commitment to helping borrowers arrange and manage their mortgage has played a huge part in keeping the industry moving forward.”
