Total mortgage lending in the UK reached one of the highest levels to date in November, according to data published yesterday by the Major British Banking Groups (MBBG).

Total mortgage lending in the UK reached one of the highest levels to date in November, according to data published yesterday by the Major British Banking Groups (MBBG).

Figures show that gross mortgage lending hit £18 billion, which was 23 per cent higher than in the previous year.

The data continues to reinforce this trend, with seasonally adjusted net lending, which is gross lending with repayments and redemptions deducted, was £1 billion higher than in November 2004 and mortgage approvals were 22 per cent up on the same period last year.

Remortgaging also saw improved figures when compared to last year. The MBBG states that when viewed against data from November 2004, remortgage rates are 17 per cent higher by number and 34 per cent higher in value.

Commenting on the figures, David Dooks, director of statistics at the British Bankers' Association (BBA), said: "Gross lending on mortgages reached a very high level in November confirming the recovery in the housing market after a relatively weaker early part of the year.

"Approvals, particularly for house purchase, continued to be strong with little evidence of the normal seasonal slowdown."

Howard Archer, chief economist at consultancy Global Insight, described the figures as "very healthy" and that they indicate the "recent firmer performance" in the property market.