Friday, Jan 19, 2007
Net mortgage lending down sharply
Firstrung: Lower growth in net mortgage lending and continued weak consumer credit - BBA
Latest figures from the Major British Banking Groups, for December 2006, show that: Total sterling lending to the UK private sector showed a net underlying increase of £4.0bn (+0.3%) to £1,266bn. This was the weakest monthly rise in lending for over a year and compares with an underlying rise of £15.2bn in November and an average of £12.4bn over the previous six months
Posted by converted lurker @ 12:27 PM (161 views) Add Comment
2 Comments
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1. denzil said...
A blog down below states that mortgage lending was at and all time high (CML) whereas this report states that Net mortgage lending is down sharply (BBA).
The financial services sector or more precisely their PR depts are full of shit. I have not bought a newspaper for months and I don't think contradictory crap like this is going to get me rushing to the newspaper stand.
2. inbreda said...
Not contradictory. The amount lent is still going up, just a lot slower than before. But as it is going up, and is already at its highest ever point, then every month sets a new record. From the look of the figures though it could well be falling soon. Then the CML will find it rather tricky to put a positive spin on those particular figures.
I'll bet this fall is due to the lower half of the property market - i.e. normal people rather than the multi million pound properties.
This is a very good sign.
I'd imagine the best info might come from attendance and bids at auctions - anyone know of available stats on this?