Mortgage lending shows signs of slow-down
Financial experts have claimed that mortgage lending in November slowed yet further from October levels, suggesting that greater numbers of people are turning to rental property.
According to the British Bankers' Association (BBA), personal deposits rose slightly but the rate of growth in overall mortgage lending slowed considerably through the month.
Net lending for November rose by only £4.3 billion, claimed the BBA, a sharp drop-off from October's £4.8 billion rise and even further below the six month average of £5.5 billion growth.
BBA statistics director David Dooks said: "Mortgage activity is notably lower than this time last year and, as we expected, lending has begun to slow down.
"Judging by the significantly lower number of mortgage approvals in October and November - partly resulting from lower demand, partly from tighter supply – the market is likely to continue slowing in the coming months."
The BBA attributed the slowdown to tighter household finances in the final quarter of 2007, with deposits weak and unsecured borrowing also tailing off.
Published 28th December, 2007
© 2007 Estates IT Limited
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Financial experts have claimed that mortgage lending in November slowed yet further from October levels, suggesting that greater numbers of people are turning to rental property.