The Bank of England and Financial Conduct Authority (FCA) today published the latest Mortgage Lenders and Administrators Statistics for the United Kingdom covering the period Q1 2013.
These are available from both the Bank and FCA websites and, as previously announced, this dataset previously published by the Financial Services Authority is now jointly owned by the two current regulators.
Key statistics for Q1 2013 are as follows:
* The overall value of the residential loan amounts outstanding was Â£1,228 billion in Q1 2013, a decrease of 0.1% compared with Q4.
* There was a 4.3% reduction in the value of new commitments to Â£35.5 billion when compared with Q1 2012.
* Gross advances of Â£34.0 billion in Q1 2013 were 6.8% lower than in Q1 2012 – a downward trend usual in the first quarter of the year. Net advances were also 52% lower than in Q1 2012 to Â£1.3 billion.
* The overall average interest rate on gross advances decreased from 3.81% last quarter to 3.65% in Q1 2013. This was largely the result of a reduction of 30 bps in the rate for fixed rate lending.
* Lending for house purchase accounted for 63.4% of new advances – 2.6 percentage points lower than in Q4 2012. The proportion of advances for re-mortgages increased in Q1 to 29.4%.
* The number of new arrears cases in Q1 2013 was 5.8% higher than in Q4 2012 at 36,700. The total number of loan accounts with reportable arrears also decreased slightly to 296,400 in Q1 2013.
* The proportion of the residential loan book that is in arrears, and hence not fully performing, remained at 2.4% in Q1 2013, unchanged from Q4 2012.
* Arrears totalling Â£29 million on 8,106 accounts were capitalised in Q1 2013 – an increase of 4.7% by amounts of arrears compared with Q1 2012 but a reduction of 0.1% by number in the same period.
* New cases taken into possession totalled 8,092 in Q1 2013, 3.9% higher compared to Q4 2012 but a 15.1% reduction from Q1 last year.
There is no breakdown available for these statistics on a regional or local authority basis.