27 June 2012
The UK housing market took a blow today with figures showing that net mortgage lending fell by £73 million in May, the first fall since records began in 1997, as borrowers sought to pay down their loans.
The British Bankers’ Association also reported mortgage approvals fell to a 13-month low, with the number of home loans given the go ahead over the month slipping to 30,238, down from 32,103 in April.
City analysts had expected mortgage approvals to rise to 32,800.
