Mortgage lending slow-down
MORTGAGE lending rose at its slowest rate for more than a decade in November, figures showed yesterday.
Net lending was just £1.46billion, half the level in November last year, according to the British Bankers’ Association.
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The number of new mortgages approved for house purchases dropped to a 20-month low of 29,991.
But there was a further rise in the number of remortgages, with approvals rising to 27,045, the highest since July 2009.
Unsecured borrowing such as credit cards continued to contract, with around £200million more repaid than was borrowed. Savings grew £4.6billion to a total of £626.4billion.
Howard Archer, of IHS Global Insight, said: “The data reinforces our belief that house prices will trend down to lose around 10 per cent from their peak 2010 levels by the end of 2011.”