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UK bank's lending less
Published: 23/12/2008 |
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Lending by the UK's major banks has fallen yet again, the British Bankers Association (BBA) has said. Approvals for new mortgages fell by 14 per cent in November, making a year-on-year decrease of 60 per cent, with only 17,773 new mortgages being approved. David Dooks, the BBA statistics director, said: "High street banks are still providing two-thirds of all new mortgage lending, although the overall market continues to shrink. "Volumes of mortgage approvals reached new lows and, with house prices still falling, the encouragement of lower costs has not filtered through by the month-end, largely because people remain concerned about the impacts of the rapidly slowing economy on their personal finances." People finding remortgages also fell in November, with many unable to find a better deal – only 29,798 managed to remortgage, down from 52,452 in October. It is thought the fall could have been due to the withdrawal of many products by banks after the Monetary Policy Committee lowered UK interest rates by 1.5 per cent in the month this month.  |
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