Monday, March 2, 2009
Mortgage lending plunges NINETY PER CENT
Mortgage lending dived by more than 60% during January to just one 10th of its level 12 months ago, figures showed today. Net mortgage lending, which strips out redemptions and repayments, was £690 million during the month, down from £1.79 billion in December, according to the Bank of England. It was the second lowest monthly total recorded by the Bank began since it began to keep statistics in this format in April 1993, and represented a steep dive from the £6.91 billion lent in January last year.