Mortgage lending by banks has hit a sixteen month low after a fall in housing demand, says the British Bankers' Association (BBA).
Approved mortgages dipped in August to 31,767 from 34,219 in July; the lowest figure since April last year. The BBA, whose members account for almost two-thirds of the mortgage lending market, says gross mortgage lending by major banks dipped by 7.6% from a year ago to £8.1bn. On a positive note, banks' net mortgage lending grew by 4.1% from last August boosted by strong mortgage repayments. David Dooks, BBA statistics director, says demand for mortgages is "weak" and even if house prices fall it is "unlikely" demand will accelerate in the next couple of months. He did not blame...
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