New mortgage lending falls away

| February 23, 2010 | 0 Comments
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The British Bankers’ Association (BBA) has reported that mortgage lending in January was “relatively weak”, as adverse weather conditions and an inflated December market impacted on house sales.

Last month, BBA members approved 35,000 loans to home buyers, down from 46,000 in December but up 37.8% on a year earlier.

Remortgaging approvals stood at 20,252, compared with 23,609 in December, and were down 31.8 % on January 2009.

Total mortgage lending fell to just £8 billion, its feeblest monthly level in over eight years and some 17.5% lower than a year ago.

According to the BBA’s statistics director, David Dooks: “It was no surprise to see the January mortgage figures falling back from December, when transactions were being pushed through to beat the end of stamp duty relief.”

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