Further mortgage lending figures from the British Bankers' Association (BBA) suggest last year's net mortgage lending annual increase of £62.3bn was close to the figure for 2003.
The BBA adds that gross mortgage lending for December at £14.2bn (£5.2bn net) was down 3% from November, and 10% lower than the same period in 2003. December loan approvals numbered 134,700 and were valued at £11.5bn, a decrease of 14.5% by volume from November, while 29% lower than 2003. The average sum approved for a house purchase fell back to £118,100. Growth in overall net consumer credit (£0.8bn, seasonally adjusted) declined in December, in line with weak retail sales, according to BBA, while the increase in loans and overdrafts (+£0.4bn) was down on the monthly average of £0...
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