Monday, September 29, 2008
Mortgage lending down 95% in one month
The value of mortgages lent to British homebuyers fell 95 per cent last month, according to the Bank of England. It said mortgage lending dived to just £143 million during August - its lowest since this data was first collected in April 1993 and a fraction of the £2.998 billion lent in July. In other words, unless you are paying cash, you probably won't be able to buy a house now.