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Mortgage Lending Down In Spring
A total of 30,729 home loans were approved in April, according to the British Bankers' Association (BBA) - an increase of just 685 from the previous month. The level of net mortgage lending by the major banks for the month of April has fallen to its lowest levels since February of 2001 - a figure lower than that of March and the overall average of the entire previous six months. The BBA also confirmed that the majority of the public are using their money to pay off existing debts, rather than committing themselves to a home loan. "Household priorities are clearly reflected in these latest data, with people paying down debt rather than building up savings," BBA Statistics Director David Dooks told BBC News. "Uncertainties about the impact of government policies and the economy on households and businesses will continue to dent consumer confidence and influence decision making." The primary UK economist at IHS Global Insight, Howard Archer, likewise concurred to the BBC that the overall mortgage lending picture is far from healthy. "House prices will struggle to make significant gains over the coming months," he said. "Housing market activity is limited, the economic fundamentals are still far from robust for the housing market, credit conditions remain tight and house price to earning ratios have moved back up." This article is not intended and does not in any way provide advice. If you require professional Independent, whole of market mortgage advice you must speak to a qualified mortgage broker. Article Directory: http://www.articledashboard.com XYZ-MortgageBrokers.co.uk is a directory of mortgage brokers throughout the UK... Find your local mortgage advisor in our directory of Independent Mortgage Brokers, which includes Northumberland Mortgages, Sheffield Mortgages and all other UK regions. |
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