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UK mortgage lending 'remains subdued'

26th September 2012 | back to article listings BACK    print this article PRINT

The number of loans approved for homebuyers in August was down by 13% on the same time last year, according to the latest figures.

Although mortgage approvals were up slightly on the previous month, the 30,533 loans in August represented a major drop from the 2011 figures. The value of the loans in August, 4.8 billion, was also 0.3 million higher than in July.

The British Bankers' Association (BBA) report suggested that people are continuing to act "conservatively" because of concerns over the strength of the economy.

Although there are some signs of improved competition within the UK mortgage sector, primarily interest rate incentives are targeted at buyers with larger deposits.

David Dooks, the BBA statistics director, said: "Household mortgage approvals are improving slightly but unsecured borrowing continues to be subdued."

A recent initiative by the Bank of England and the Treasury attempts to increase fluidity in the UK property market. The 'funding for lending' scheme will pump 80 billion worth of credit into households and businesses.

Copyright Press Association 2012

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