Tuesday, November 25, 2008

Mortgage lending by the UK’s biggest banks has fallen sharply

Mortgage lending feels the strain

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.

Posted by jack c @ 09:55 AM (698 views)
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2 thoughts on “Mortgage lending by the UK’s biggest banks has fallen sharply

  • The reduction in new mortgages has really been staggering; I remember thinking it was noteworthy when you could fit all the people who had taken a mortgage out in the UK in to Wembley Stadium, then the figures kept falling and you could fit them Old Trafford, then the Emirates… now there’d be seats free if you put them all in the MK Dons ground!

    At this rate they’ll all fit in my shed by the end of next year!

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  • If you add together the BBA fall with the small rise reported by CML, does that give an overall fall?

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