Thursday, March 27, 2008
Mortgage figures confirm the continuing slump in the property market
Bank mortgage lending to people who are moving home is still down by a third on the same time a year ago, said the British Bankers Association (BBA). The figures confirm the continuing slump in the property market. Banks lent 43,870 mortgages to home movers in February, slightly more than in January, but 33% down on last year. People who do not move, but change their mortgages to more favourable deals, now account for nearly half of all new mortgages granted by banks.