UK Money News
2nd April 2008
Mortgage lending 'slowed in February'
Mortgage approvals were down in February as evidence of a slowdown in the property sector continues to mount.
According to new figures for lending from the Bank of England, some 73,000 loans for house purchase were approved by UK lenders during the month.
This was down from January's figure of 74,000 but the decline is less marked than had been expected by analysts who had forecast around 72,000 approvals.
Nonetheless, the number of approvals represents a 40 per cent drop from the same month last year and is the lowest figure recorded for 13 years.
Simon Rubinsohn, chief economist at the Royal Institution of Chartered Surveyors, told BBC Online: "The likelihood is that the level of activity in the housing market will slip further over the coming months as mortgage lenders either temporarily close their doors to new borrowers or lift interest rates."
The Bank's figures also showed a £2 billion rise in lending in the form of bank loans, hire-purchase agreements and hire purchase agreements.
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