Tuesday, December 23, 2008
BBC – Mortgage lending ‘shrinks again’
UK mortgage lending by the major banks has fallen sharply, with approvals for house purchases 60% lower than a year ago, figures show. The number of mortgage approvals for house purchases fell by 14% in November to a new low of 17,773, according to the British Bankers' Association (BBA). People remained worried about the effect of the slowing economy on their personal finances, the BBA said. As a result, the amount consumers are borrowing also remained subdued.