Mortgage Apllications At Their Lowest
30 November -0001
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Mortgage lending dropped to its lowest level in a year in August, according to the latest figures from the Bank of England.
Total mortgage advances in August were £25.14bn, but net lending the figure after repayments have been stripped out fell to £8.38bn, the lowest level since August 2003.
The figures confirm that consumers are becoming increasing worried about taking on fresh mortgage debt.
Net consumer credit which covers other loans and cards went up slightly at £1.9bn in August.
The trend in both actual mortgage lending and mortgage lending applications in the pipeline, is certainly going downward giving further evidence of a turnaround in the housing market.
The number of new Mortgage lending requests is now at its weakest for a year despite house prices having risen by around over 20% during the same period.
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