BBA unconcerned by December lending drop

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Net mortgage lending climbed by £2.9bn in December, figures from the British Bankers' Association (BBA) reveal.

While this was lower than the £3.2bn in November, and the six month average of £3.5bn, the BBA says significant falls in the Bank base rate, as well as continued financial sector turmoil, means monthly movements are less indicative than usual. Mortgage approvals for purchase increased to 22,051 in December from 17,339 the preceding month, but remained almost 47% lower than the same point in 2007. There was a marginal increase in remortgage approvals, but this remains 53.5% down on December 2007. David Dooks, statistics director at the BBA, said: "This first opportunity to compare 2008 w...

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