FCA publishes mortgage lending statistics for June 2023
The FCA collects mortgage lending data via the Mortgage Lending and Administration Returns (MLARs) submitted to it by firms who carry out mortgage lending and mortgage administration.
At the end of Q1 2023, the outstanding value of all residential mortgage loans was £1,675.4 billion, 2.7% higher than a year earlier, but down from the previous quarter for the first time since Q2 2017.
The value of gross mortgage advances in Q1 was £58.8 billion, £22.9 billion down on the previous quarter, and 23.6% lower than in Q1 2022. This was the lowest figure seen since Q2 2020.
The value of new mortgage commitments in Q1 (lending agreed to be advanced in the coming months) was 16.1% down on the previous quarter and 40.7% lower than a year earlier, at £48.9 billion. This was also the lowest figure seen since Q2 2020.
Since the beginning of 2007, around 340 regulated mortgage lenders and administrators have been required to submit an MLAR each quarter, providing data on their mortgage-lending activities.
The FCA and the Prudential Regulatory Authority (PRA) both have responsibility for regulating mortgage lenders and administrators, so both publish this data each quarter.