"Although net mortgage borrowing was a little higher than this time last year, we would have expected much stronger figures"
Gross mortgage borrowing of £13.0bn in June was much in line with recent months but 6% higher than June 2016.
Net mortgage borrowing in June was 2.6% higher than a year ago, while annual growth in stocks is running at 2%.
House purchase approvals of 40,200 were lower than the monthly average of 41,872 over the previous six months, but similar to June 2016.
Remortgaging approvals of 25,361 were down on the monthly average of 26,127 over the previous six months and 5% lower than in June 2016.
Jeremy Leaf, north London estate agent and former RICS residential chairman, said: "Although net mortgage borrowing was a little higher than this time last year, we would have expected much stronger figures bearing in mind the property market was in slowdown mode following the introduction of the stamp duty surcharge.
"Nevertheless, these results reflect the June market when buyers were still coming to terms with the election result and its implications for Brexit, as well as their own finances."
Mark Harris, chief executive of mortgage broker SPF Private Clients, added: "There may be growing pressure on household incomes but the good news is that lender appetite remains strong with very little upward pressure on interest rates. With HSBC the latest lender to make many reductions across its range of fixed-rate mortgages later this week, including a five-year fix pegged at just 1.59 per cent, fixes are as low as they have ever been, which is great news for borrowers."
