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Barb E Dahl

Mortgage Lending Slides To Eight-year Low

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Mortgage lending fell to an eight-year low in April despite further signs that activity in the housing market has stabilised, new figures show.

Approvals are gradually edging up, but net lending remains low

Net lending by the major banks totalled just £2.7bn during the month, the lowest figure since March 2001, the British Bankers' Association said.

The figure was well down on the revised £3.4bn lent in March.

The number of mortgages approved for home purchase edged up slightly on the month before, but was still 15.5% down on the previous year.

The BBA said that mortgages for house purchase stood at a seasonally adjusted 27,685 compared with 26,671 in March.

Since Santander acquired Abbey in November 2004, we have set about transforming the business to reflect Santander's business model and values.

António Horta-Osório, chief executive of Santander's UK businesses

The average value of a loan stood at £129,100, down from £155,100 in April last year, reflecting steep house price falls.

BBA statistics director David Dooks said: "The house purchase part of the mortgage market appears to have stabilised, with slightly more approvals coming through.

"Households' uncertain financial circumstances not surprisingly continue to dictate consumer behaviour, both in the housing market and in generating only low demand for new personal loans."

The number of people remortgaging to a better deal fell for the fourth month in a row during April to hit a near 10-year low.

The steep decline in remortgage activity is dragging down the total lending figures.

The value of all mortgages approved fell slightly to £7.2bn during the month, despite the value of approvals for house purchase rising.

Edited by Crimson

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Mortgage lending fell to an eight-year low in April despite further signs that activity in the housing market has stabilised, new figures show.

WTF? did i miss something? When did it stabilise? (unless they mean the rate of drop is constant)

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WTF? did i miss something? When did it stabilise? (unless they mean the rate of drop is constant)

They haven't stabilised at all but the bulls*** continues

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WTF? did i miss something? When did it stabilise? (unless they mean the rate of drop is constant)

:D:D:D The Bullsh *t Factor continues to prevail.... It is hard to get sh*t stains out of 25 year old underpants.....

Edited by eric pebble

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:D:D:D The Bullsh *t Factor continues to prevail.... It is hard to get sh*t stains out of 25 year old underpants.....

WTF? How do you KNOW this?

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They haven't stabilised at all but the bulls*** continues

Ignore the BS commentary - the numbers speak for themselves and they speak volumes - lowest since 2001 - that was the last time this country had "normal" lending

Now wait for the unemployment to gear up - that is when the second fase of the count down will begin

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