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Building society lending remains depressed
1 December 2008 15:49
Mortgage lending from building societies remain depressed throughout October, according to the latest statistics.
Data published today (December 1st), by the Building Societies Association, (BSA) showed that gross lending year-on-year was down to £3,214 million for the month, in contrast to £4,582 million in 2007.
Speaking on the results, the head of the BSA pointed to the credit crunch and the difficulties that remained in the mortgage lending markets.
Adrian Coles, director general of the BSA, said that when considering the poor state of the property market, it came as little surprise mortgage lending remained distinctly flat.
He added that with market confidence so low, property owners are opting to stay in their homes, while first time buyers are forced to wait for price falls.
Home purchase loan approvals equalled £2,777 million in October this year, compared to £3,838 million in the same month in 2007.
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