FCA: Mortgage lending statistics - Q2 2023 - September 2023

The FCA and the Prudential Regulatory Authority (PRA) both have responsibility for the regulation of mortgage lenders and administrators. They jointly publish the mortgage lending statistics every quarter. Since the beginning of 2007, around 340 regulated mortgage lenders and administrators have been required to submit a Mortgage Lending and Administration Return (MLAR) each quarter, providing data on their mortgage lending activities. ##Latest findings * The outstanding value of all residential mortgage loans was £1,655.5 billion at the end of 2023 Q2, 0.4% higher than a year earlier, but the largest decrease on the previous quarter since reporting began in 2007. * The value of gross mortgage advances in 2023 Q2 was £52.4 billion, which was £6.3 billion lower than the previous quarter, and 32.8% lower than in 2022 Q2. This was the lowest observed since 2020 Q2. * The value of new mortgage commitments (lending agreed to be advanced in the coming months) in 2023 Q2 was 26.2% greater than the previous quarter but 26.6% less than a year earlier, at £61.7 billion. This was the first increase and highest value observed since 2022 Q3.