Monday, August 20, 2007
Big fall in gross lending by building societies YoY
Commenting on the mortgage figures, Adrian Coles, Director General of the BSA said:"This is a tale of the five interest rate rises in the last year feeding through to the market. The strong start to the year has fallen away, with gross lending in July representing an 8.7% decrease on gross advances a year before. As mortgage payments increase, household finances are likely to be squeezed further. Even if interest rates are near to their peak, potential borrowers need to think about all of their outgoings to make sure they do not overstretch themselves financially.