The rate of growth was in line with the previous six-month average and both the three-month annualised and 12-month growth rates were broadly unchanged at 1.0 and 0.8% respectively.
Gross lending secured on dwellings was £11.5bn in April compared to the previous six-month average of £12.4bn. Repayments in April were £11.3bn compared to the previous six-month average of £11.5bn
The number of loan approvals for house purchase increased slightly in April from 51,067 in March to 51,823 but was lower than the previous six-month average of 53,016.
The 31,214 number of approvals for remortgaging also increased in April and was similar to the previous six-month average of 31,062.
The number of approvals for other purposes was broadly unchanged in April at 19,895 and was slightly lower than the previous six-month average.
Robert Gardner, chief economist at Nationwide, said: “There were encouraging signs of resilience in April’s mortgage lending data. The number of new house purchase loans approved rose slightly from the previous month, where the expiry of the stamp duty holiday for first-time buyers expired in March hasn’t dented activity as much as expected.
“The building society sector was a key driving factor, accounting for a quarter of mortgage approvals in April, well above the sector’s 16% share of total outstanding mortgages.”
Richard Sexton, director of e.surv chartered surveyors, said: “First-time buyers are the ones being hit hardest by the problems consuming major mortgage lenders. Banks’ higher funding costs have been passed onto consumers in the form of higher rates and fewer loans to borrowers on lower incomes.
“With a number of lenders ahead of lending targets, product availability in the mortgage market will get worse before it gets better. Banks will focus on protecting their balance sheets and the mortgage market will slip back into the state of near-paralysis it was stuck in several years ago.
“It’s sobering to think the fortunes of the UK mortgage market depend on whether Germans feel enough solidarity with Italians, Spaniards and Portuguese to provide them with credit to recapitalise their banks. It doesn’t fill you with confidence.”
