Net mortgage lending lowest in four years

Gross mortgage lending stood at £16.04bn, slightly lower than June’s £16.47bn and 11% lower than during the same period last year. Seasonally adjusted net lending rose by £3.7bn last month - its lowest level in nearly four years - compared with £4.7bn in June and £5bn in July 2004. This compares with the average increase of £4.4bn over the last six months, says the BBA. There were 181,933 mortgage approvals in July with a total value of £17.1bn representing a decline of 7% from June and a drop of 17% when compared to the same period last year. The average approval for house purchase was ...