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Mortgage lending 'subdued' despite rise
25 November 2008 15:57
Mortgage lending remains severely depressed despite showing a rise in October, according to the British Bankers Association (BBA).
The most recent statistics published by the BBA reveal that net lending increased by £2.9 billion last month, with the number of approvals remaining low.
The rise is significantly less than that seen in September, when net lending increased by £3.5 billion and also substantially less than the six month average, which stands at £3.9 billion.
David Dooks, statistics director for the BBA, said that comparing present lending levels with those of last year was difficult due to the very different financial climate we are currently experiencing.
He added that this year's data reflected a much lower appetite for borrowing, with both mortgage approvals and consumer credit particularly subdued.
Statistics from the BBA also revealed that company finance rose by £51.1 billion, showing a more than 100 per cent increase over the previous month.
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