Share this page
Print this page:
Add this page to:
Mortgage lending 'drops to lowest point since 2001'
23/11/10
Edited by Tom Bardsley.Gross mortgage lending by the UK's high street banks hit its lowest point since February 2001 in October, according to new figures.
The British Bankers' Association (BBA) said the total value of new home loans stood at £7.6 billion last month, down 16.1 per cent on the figure recorded a year earlier.
Net mortgage lending rose by £1.7 billion during October. In the corresponding month of 2009, it had grown by £3 billion.
Meanwhile, the average value of loans for residential property purchase was £144,000, up two per cent year-on-year.
BBA statistics director David Dooks said October's "subdued" activity in the mortgage market reflected "uncertain prospects for households and lower consumer confidence".
The organisation's figures come after the Council of Mortgage Lenders revealed the gross value of home loans approved by banks and building societies last month had topped £12.4 billion.
This was the lowest October total recorded by the body since 2000.
