Public borrowing in the mortgage sector is now falling according to the latest statistics from the Bank of England, as the latest increase in lending is now lower than in previous months and fewer loans are being approved.
Figures presented this morning by the Bank of England reveals total lending to individuals grew by £10.3bn or 1% in August, but that figure is actually seasonally adjusted to show borrowing actually fell slightly, as the three-month (annualised) growth rate fell to 13.7% from 14.1% in July. The number of loans approved to purchase houses has also dropped 14% as just 96,000 mortgages were approved in August compared with a three month average of 112,000. Secured lending also increased £8.4bn or 1% in August, says the BoE but that figures is again seasonally adjusted to show the three-m...
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