Average house loan sizes as well as the number of such loans approved dropped in September, figures published by the British Bankers' Association suggest.
The number of such loans approved fell 6.4% on August, although the total was down a massive 28.8% on September 2003.
The size of the average house loan fell for the third straight month to £111,100, although the overall grow mortgage lending figure of £16.273bn was down just 2% on August.
Overall growth in net consumer credit slowed too, mainly because of lower credit card borrowing through the month, while personal loans and overdrafts increased in line with the average of the previous six months, the BBA says.
”Net approvals for house purchase continued to slow, so consequentially it would seem likely that underlying net mortgage lending will continue to be relatively weaker in the next few months.”IFAonline
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