The number of mortgage approvals in the UK made by banks rose slightly in January, according to the latest figures from the British Banking Association (BBA).
The body revealed the total net value of mortgage lending last month was £2.9bn, down from £3.3bn in December.
David Dooks, statistics director of the BBA, says the high street banks' mortgage lending isstill seeing double-digit annual growth, albeit in a much slower market.
He explains: "Lower borrowing costs and falling property prices have underpinned demand at these lenders, who are providing over two-thirds of all new mortgage lending. There is only limited demand from households for unsecured credit, while a fall in their deposits in January reflects a tendency to draw on cash or to move into alternative financial products."IFAonline
Risk to retail investors
Joined as head of strategy, multi asset, in June
Group income protection