BBA: Mortgage lending slows
www.moneynews.co.uk > Mortgages > BBA: Mortgage lending slows
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Money News |
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BBA: Mortgage lending slows
Thu 24th Jan 2008
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The statistics indicated that mortgage lending was down 10.2 per cent in December from the previous year while house purchase loans approval were down 33 per cent from 2006.
"Housing market activity is now being substantially undermined by both stretched affordability and tightening lending practices," Howard Archer, an economist at Global Insight in London, told Bloomberg.
The affordability aspect was reflected in BBA figures which indicated that British consumers had a total debt of £1.4 trillion.
It is also believed that higher interest rates contributed to the figures by discouraging borrowers, as indicated by the BBA.
Figures in November had also showed a weak picture in gross mortgage lending, as it had reduced by 16.9 per cent from the same month in 2006.
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