Tuesday, October 14, 2008
Lending for homebuying hits record low in August
The number of people borrowing money to buy a property fell to a record low of 42,200 in August, the Council of Mortgage Lenders (CML) said today. The value of mortgages approved for house purchases was £6bn, the lowest level since the association began collecting data in January 2002 and £10bn below last August's figure. Gross lending fell to £19.7bn, a drop of 20% compared with July and 42% down on August 2007.