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MORTGAGE LENDING DROPS BY 11 PER CENT

MORTGAGE LENDING DROPS BY 11 PER CENT (Buying)

by administrator @, Wednesday, July 27, 2011, 12:12

Mortgage lending by Britain's major banks dropped 11% to £7.6bn during June amid continuing lacklustre activity in the markets for house purchase and remortgaging.

The year-on-year decline, reported by the British Bankers' Association (BBA), comes despite signs of recovery in the buy-to-let sector as demand picks up for rental property.

The number of house purchase approvals was slightly higher than in May at 31,747 but 6% lower than June 2010, with the average approval value of £149,700 being 0.6% lower than a year ago.

The number of remortgages in June was higher than May but below the recent six-month average as expectations of interest rate rises in the near-term have receded.

BBA statistics director, David Dooks said: "Banks continue to lend for house purchase but the weak mortgage market is self-evident, although some growth is coming from the buy-to-let sector to meet demand for rental properties."

The organisation added that demand for unsecured borrowing remained weak, with repayments continuing to outweigh new lending.


www.bba.org.uk

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mortgage lending


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