Mortgage lending shows signs of slow-down
Financial experts have claimed that mortgage lending in November slowed yet further from October levels, suggesting that greater numbers of people are turning to rental property.
According to the British Bankers' Association (BBA), personal deposits rose slightly but the rate of growth in overall mortgage lending slowed considerably through the month.
Net lending for November rose by only £4.3 billion, claimed the BBA, a sharp drop-off from October's £4.8 billion rise and even further below the six month average of £5.5 billion growth.
BBA statistics director David Dooks said: "Mortgage activity is notably lower than this time last year and, as we expected, lending has begun to slow down.
"Judging by the significantly lower number of mortgage approvals in October and November - partly resulting from lower demand, partly from tighter supply – the market is likely to continue slowing in the coming months."
The BBA attributed the slowdown to tighter household finances in the final quarter of 2007, with deposits weak and unsecured borrowing also tailing off.
Published 28th December, 2007
© 2007 Estates IT Limited
London Rental Property News By London Borough / Category
Latest London Property News Headlines
Streatham town centre to be improved by BID?
Major improvements could be made to Streatham town centre thanks to a new business partnership.
Read Article ... Published on 25th May, 2012
Olympic infrastructure 'to drive east London house market'
The infrastructure created by the Olympics will see the east London property market become more popular.
Read Article ... Published on 24th May, 2012
Olympic infrastructure 'to drive east London house market'
The infrastructure created by the Olympics will see the east London property market become more popular.
Read Article ... Published on 24th May, 2012
Barking Splash Park opens this weekend
Barking Splash Park will be free to use this weekend (May 25th-27th) to mark its opening.
Read Article ... Published on 24th May, 2012
Southwark estates to get cheaper energy bills
Residents in Southwark can look forward to cheaper energy bills thanks to the creation of a new underground green network.
Read Article ... Published on 23rd May, 2012
Enfield £1.3bn masterplan unveiled
A masterplan has been unveiled that will see a 200-acre site in Enfield regenerated as part of a £1.3 billion plan.
Read Article ... Published on 23rd May, 2012
Londoners encouraged to grow their own fruit and veg
People in London are being encouraged to grow their own fruit and vegetables.
Read Article ... Published on 22nd May, 2012
Merton 'embraces green improvements'
Merton is now a cleaner, greener location to live in thanks to the implementation of the Wandle Valley Low Carbon Zone (LCZ).
Read Article ... Published on 22nd May, 2012
London house prices rise by 1,782% in past 35 years
London house prices have increased by 1,782 per cent in the last 35 years.
Read Article ... Published on 21st May, 2012
Poplar's Chrisp Street to get £100m regeneration
Some £100 million is to be spent regenerating the Chrisp Street area of Poplar in Tower Hamlets.
Read Article ... Published on 21st May, 2012
Financial experts have claimed that mortgage lending in November slowed yet further from October levels, suggesting that greater numbers of people are turning to rental property.