UK Money News
24th January 2008
Mortgage lending 'weakening'
Mortgage lending by the UK's high street banks has been weakening in recent months, according to the latest money news from the British Bankers' Association (BBA).
The association has suggested that the relatively weak level of mortgage lending around the country has been partly responsible for the cooling of property prices during the second half of 2007.
"Mortgage lending weakened notably in the second half of 2007 as the credit crunch impacted on banks' ability to lend," said BBA statistics director, David Dooks.
"At the same time, demand for mortgages also softened in the face of increased borrowing costs and lower disposable income."
Meanwhile, with millions of Britons continuing to face trouble with money, the BBA has described individual borrowing over the Christmas period as "muted".
Sainsbury's Bank recently estimated that around 18 per cent of all consumer spending over the festive season was funded through credit card debt.
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