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UK Mortgage Lending remains weak

Posted: October 29, 2010 at 1:42 pm 5,274 views One Comment

Figures from the Bank of England show the number of mortgages approved in September has remained the same as the previous month at 47,474.

Net Mortgages were down on august but higher than July.

Personal loans and credit card borrowing has risen slightly in September and they will continue to rise towards the Christmas period.

Consumer credit was at £262 million by the end of September.
People are still adopting a cautious approach toward borrowing in this uncertain time surrounding the economy.

There is a great contrast compared to the boom in the autumn of 2007. In September of that year net lending increased by £10 billion. This year the figure is £112 million, around 1% of 2007.

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