UK lending slows further in September

Gross mortgage lending of £8bn in September was 10.8% lower than a year ago. There was another monthly fall in the average value of house purchase approvals to £142,900 but the level is still 4.1% up on a year ago. Net mortgage lending increased by £1.6bn in September compared to £2.9bn in the same month in 2009, as credit repayments continued to hold up at fairly strong levels. Remortgaging figures have also improved slightly in the last three months while those for equity withdrawal have fallen back slightly. The BoE said subdued spending continues to lead to reduced consumer ...