New residential mortgage lending rose in August to an 11-month high, with the value of new loans drawn down up 13.6% to $7.6 billion.

The Monetary Authority's monthly survey results showed new approvals fell 32.3% after strong growth the previous month, with most of the reduction coming in primary market transactions. New applications also fell 29.7%.

The proportion of new approvals priced at more than 2% below the best lending rate was 92.9%, up from 92.4% in July.

The outstanding amount of mortgage loans grew 0.1% to $522.4 billion.

The mortgage delinquency ratio improved further to 1.09% from 1.1%, while the rescheduled loan ratio remained unchanged at 0.55%.

Authority Deputy Chief Executive William Ryback said: "The recovery in mortgage lending experienced in recent months continued into August. At the same time, the mortgage delinquency ratio has continued to show a small but steady improvement."

New loans drawn down for purchasing properties on the Mainland fell 5.4% to $113 million. The amount of outstanding loans at the end of August was $6.2 billion.