New mortgage commitments climb in third quarter of 2018

New mortgage commitments in the third quarter of 2018 were 4.7 per cent higher than last year, according to new statistics from the Bank of England.

Meanwhile, the value of residential property mortgage loans jumped to £1,43bn in the third quarter, rising 3.2 per cent on the same period a year ago.

The share of new lending to first-time buyers remained "steady" at 21 per cent.

The news comes several months after the Bank showed that new lending commitments in the second quarter of 2018 had reached their highest levels in a decade.