Net lending down to £8.2bn in March
April 29th, 2008 by 
Guy
The Bank of England has today confirmed that the total borrowing by individuals in March reached just £8.2bn, below the figure from February of £9.6bn and the previous six-month average of £9.4bn.
The net total lending secured on houses also showed a significant decrease, falling from £7.3bn in February to £6.9bn.Commenting on the figures was Michael Coogan, director general of the Council of Mortgage Lenders, he stated “It comes as no surprise that approvals for house purchase have continued to decline. This will result in a substantially lower level of housing transactions in 2008 than we saw last year. We believe that the Bank of England’s special liquidity scheme will help to sustain confidence in the banking system and improve liquidity, but it is not an intervention specifically intended to re-invigorate the housing or mortgage markets.”
Posted in Mortgage news | 