Mortgage lending dives 95% in 30 days

The statistics paint yet another dire picture of the UK mortgage market, with net lending down to just £143m across banks and building societies. Lending in August 2008 was 95% lower than in July, and represented just 2% of lending in the same month last year, the BoE says. About 32,000 new mortgage were approved, it adds, down 70% over the past twelve months. In addition, statistics released today by the Building Societies Association (BSA) show net lending was negative for a third consecutive month. Net lending among building societies was -£38m in August, while approvals were £2.78bn...