Fall in mortgage lending
2 September 2010
There was a steep decline in mortgage lending in July. Bank of England figures show that net lending fell from June's £518m to £86m in July.
This is the fourth lowest level since records began in 1993, once redemption and repayments were taken into account.
This has been accompanied by a 0.5 per cent price fall during July according to Nationwide.
The Council of Mortgage Lenders have recently revised down its forecast for net lending during 2010 from £15 billion to £12 billion.
Source: Credit Today