Loans Warehouse’s lastest secured loans index has revealed that secured lending last month was the best May since 2008.
Total lending totalled £43,780,000 for May 2013, representing the 19th consecutive month of year on year growth.
This also represented 4.80% growth month on month and means secured lending is up nearly 50% on this time last year (£126,000,000 vs. £186,000,000).
Matt Tristram, director of Loans Warehouse, said: “The accurate figures shown in the Secured Loan Index prove that lending continues to grow for this sector. This is in part due to the wider audience the industry is attracting.”
“It’s well documented that lenders like Shawbrook, Nemo & Prestige Finance have greatly increased their maximum loan sizes in recent months to attract high net worth borrowers, the significant growth of the buy-to-let secured loan continues to gather pace; it’s reasons like this, along with record low rates, that have seen greater media coverage for the sector.
“Individually five lenders recorded record months in April 2013 and all have an appetite to lend.
“Lenders continue to announce new funding lines with Equifinance & Evolution the most recent, house prices continue to grow albeit modestly with the Nationwide House Price Index stating the price of a typical home increased by 0.4% in May and was 1.1% higher than May 2012. These are just some of the factors which suggest a positive outlook for secured lending for the foreseeable future.”