Mortgage lending dips to year low

[IVA News]

Mortgage lending dips to year low


New mortgage lending in the UK fell to 12-month lows in April, Bank of England figures show.

Mortgage approvals totalled 107,000 down from 111,000 in March - the third monthly decline in a row.

The data also hinted the market may be slowing as the value of home loans rose £8.9bn, compared with £9.9bn in March.

But, more surprising, was the sharp drop in consumer debt which rose by £498m - half what was expected and its the weakest increase since March 1997.

Historically low interest rates in the past few years have encouraged Britons to take on a mountain of debt - now reaching £1.5 trillion.


Source: bbc.co.uk

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[Welsh Boy]

Hello All

That`s interesting, ever thought figures are manipulated to effect the market? I have just looked at stats from a site quoting the Council of Mortgage Lenders. They (CML) say gross mortgage lending reached a March high of £31.3 bn with banks and lenders handing out £1bn per day, it also goes on to say that the CML believes 2007 wil be a record year. Tony