Figures published by the British Banker's Association suggest gross mortgage lending slowed in November for the second month in a row, sending such lending down nearly 12% on the same month last year.
The number of mortgage loans approved fell 20% on October, and a whopping 41% on November 2003.
Remortgage also tightened, with the number of such loans down 13% over the previous month.
The BBA says the slowdown is unlikely to turn around anytime soon, given the broader picture of a housing market slowdown.
Even the advent of higher Christmas spending seemed not to live up to billing, with the net amount spent on credit cards in November down to nearly half the prevailing monthly average of more than £400m in net credit card lending.
Consumers did take out more personal loans and overdrafts during the month – at £3.5bn - suggesting there is still some appetite for credit in certain forms.IFAonline
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