Tuesday, November 25, 2008
Mortgage lending by the UK’s biggest banks has fallen sharply
Mortgage lending by the UK's biggest banks has fallen sharply compared with a year ago, a banking body says. The number of mortgages approved for house purchases was down to 21,584 in October, 52% lower than a year earlier. The figures come the day after a stark warning about the state of the mortgage market in a report by former banker Sir James Crosby. He warned that without government intervention, net new mortgage lending might shrink in 2009.