Decline in mortgage lending has bottomed out - BBA

But this was still 12% lower than in February 2004 says the BBA while the number of approvals for house purchase was also down 35% and the amount approved was down 26%. Seasonally adjusted net mortgage lending rose by £4.8bn compared with £4.2bn in January and £5.3bn in February 2004. This compares to an average of £4.4bn for the last six months. There were 159,391 mortgage approvals in February with a total value of £13.1bn up 22% on January but still 25% lower than February 2004. Loans approved for house purchase were 42% higher than January’s figure but again still 33% lower than F...