Monday, Sep 29, 2008
Large fall in mortgage lending but its amazing that anyone bought in August!!
BBC News: Mortgage Lending Slumps
Mortgage lending collapsed in August, according to the latest figures from the Bank of England.
Only £143m was lent by banks and building societies, just 5% of July's lending figure and only 2% of the lending in August 2007.
August is traditionally the quietest month for house sales.
But the Bank's figures also show that 32,000 new mortgages were approved in August, a new record low and 70% fewer than a year ago.
This suggests that the fall in sales and prices will continue into next year.
Posted by unbeliever @ 10:34 AM (125 views) Add Comment
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