Mortgage lending fell by nearly 40 per cent last month as
buyers continued to struggle to secure home loan deals. Up
to 38,704 mortgage deals were approved by banks in April - a
slight improvement on the record low in March - but 39.4 per
cent down on April last year and the second-lowest level on
record, according to the British Bankers’ Association (BBA).
The BBA figures represent lending from UK banks, which
accounts for about two thirds of Britain’s mortgage lending.
They come as further evidence emerged that households are
tightening their belts as the impact of the credit crunch
intensifies.
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