Weak monthly rise for net mortgage lending

Net lending is now running at a level which is nearly half the long-term monthly average before 2008. Gross lending dropped to its lowest monthly figure since February 2001 largely due to much weaker remortgaging in recent months. However, the value of loans approved for house purchase rose, reflecting some improvement in lenders ability to lend. Although the numbers of approvals for remortgaging and other purposes are lower than a year earlier, the trends appear to be stabilising at current levels. Lending to financial companies rose marginally while lending to non-financial companies wa...