Bank mortgage lending falls 20%

[Legal Beagles]

Bank mortgage lending to house buyers fell by 20% in May to a record low, a banking group says.

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[Legal Beagles]

Number Of New Home Loans Sink To Record Low Figures

Mortgage approvals in Britain fell by 56% last month to a record low of 27,968, the British Bankers' Association has said.The BBA says the drop is the biggest since 1997 and indicates the downturn in the housing market is getting worse.

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[Legal Beagles]

Number Of New Home Loans Sink To Record Low Figures From BBA Show

Mortgage approvals in Britain fell by 56% last month to a record low of 27,968, the British Bankers' Association has said.

More...

[Legal Beagles]

Number Of New Home Loans Sink To Record Low Figures From BBA Show

Mortgage approvals in Britain have fallen 56% over the last year to a record low of 27,968, the British Bankers' Association has said.

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[Legal Beagles]

Mortgage approvals fall 20% in May

Mortgages approved for house purchases hit a record low as financial pressures continue to deter homebuyers, the BBA says

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[Amethyst]

Re: Bank mortgage lending falls 20%

That was a 20% fall in just one month and 56% down from May last year.

[Amethyst]

Re: Bank mortgage lending falls 20%

http://www.bba.org.uk/content/1/c6/0...tats240608.pdf
for the actual figures

May's mortgage lending was much weaker than April and a record low number of house purchase approvals means the subdued picture will continue.
Consumer credit rose, largely reflecting lower credit card repayments and, after April's strong inflow, personal deposit growth was weaker in May.
Table containing May 2008 figures seasonally adjusted data mortgage lending consumer credit personal deposits company finance May net change + £4.0 bn - £0.5 bn + £1.3 bn + £4.9 bn (previous month) + £5.2 bn - £0.1 bn + £6.2 bn + £22.8 bn previous six month average + £5.0 bn + £0.4 bn + £3.1 bn + £15.2 bn annual growth + 12.3 % + 4.3 % + 5.7 % + 24.0 % amounts outstanding nsa £556.3 bn £108.5 bn £571.4 bn £737.2 bn

BBA statistics director, David Dooks, said of the latest data:
"Measures of mortgage activity were lower in May as a result of tighter lending criteria and economic pressures on households. Only remortgaging business is holding up, where people need or want to take advantage of deals with other lenders. People spent more on credit cards, but repayment levels were lower than expected in May and after April's busy month with people putting money into ISAs, personal deposits were not as strong."

[Amethyst]

Re: Bank mortgage lending falls 20%

Annual growth in credit card
borrowing increased to + 7.4% and
with repayments (unusually, over
the last 18 months) not exceeding
spending, net lending increased
sharply, after allowing for
write-offs.
Annual growth in loans and
overdrafts fell marginally to
+ 3.0%.

[Amethyst]

Re: Bank mortgage lending falls 20%

and if anyone fancies losing themselves in figures to see the true picture

http://www.bba.org.uk/content/1/c6/0...e%20series.xls

all figures since 1998 there (excel doc)