The data shows that the total value of outstanding loans is now £1,206bn, virtually unchanged from the last quarter, whilst arrears and repossessions fell.
The data shows:
- New advances in the quarter totalled £32bn, 22% lower than in Q4, but much the same as the amount advanced in Q1 2009.
- New commitments totalled £34bn, some 6% lower than last quarter.
- The share of lending for house purchase decreased from the peak reached last quarter, to account for 58% of new advances and 59% of new commitments in this latest quarter.
- The proportion of new lending done at an LTV of more than 90% accounted for less than 2% of new advances for the third successive quarter.
- New lending with a combination of high LTVs and high income multiples again accounted for less than 1% of new lending in Q1.
- The proportion of loans to borrowers with an impaired credit history was also little changed for the third quarter in succession at 0.35%.
- The number of new arrears cases continued the downward trend started last year, with a further reduction in the number in Q1 to 40,500 (-2%).
- For the last three quarters the total number of accounts in arrears has also fallen, by some 4% in the latest quarter, to 362,000.
- The proportion of the residential loan book that is in arrears, and hence not fully performing, also fell for the third successive quarter, to 3.23%.
- The number of new possessions totalled 10,500, a decrease of 11% on last quarter and the lowest figure for two years.
