Bank of England and British Bankers’ Association (BBA) data shows a significant rebound in housing market activity, driven by strong growth in gross mortgage borrowing and buyer demand.
Gross mortgage borrowing reached £11 billion in March. That is a 38% increase compared to the same period in the previous year.
Market Share: High Street Lenders Retain Dominance
According to Bank of England “lending to individuals” figures, the major high street banking groups continue to underwrite the vast majority of UK property debt.
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Market Share: Main banking groups account for approximately two-thirds (2/3) of all outstanding UK mortgage lending.
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Top 6 Retail Groups: Barclays, HSBC Bank, Lloyds Banking Group, Royal Bank of Scotland Group, Santander UK, and Virgin Money.
While higher capital repayments contributed to net borrowing contractions through much of 2013, partially driven by homeowners remortgaging, the overall mortgage stock has expanded rapidly as heightened consumer confidence feeds into the pipeline.
Year-on-Year Approval Breakdown (March Comparison)
Government mortgage assistance schemes are playing a key role in supporting first-time buyers and unblocking property chains across the market.
| Transaction Type | Year-on-Year Growth | Key Market Driver |
| House Purchases | +43% | First-time buyer schemes & improved chain liquidity |
| Remortgaging | +14% | Borrowers switching lenders to lock in fixed rates |
| Other Lending | -9% | Reduced demand for secondary equity release facilities |
What This Means for Conveyancers and Risk Management
Rising transaction volumes put operational capacity to the test. Conveyancing practices must ensure that accelerated completions do not lead to rushed onboarding checks, compromised CML/UK Finance Handbook compliance, or increased vulnerability to transaction fraud.
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