Mortgage Lending Slows
Mortgage lending slowed down in May according to new figures from the British Bankers Association
18th June 2004
New figures from the British Bankers Association suggest that the housing market may finally be slowing down, although a spokesman said it may be 'premature' to reach this conclusion off one month's figures.
Total lending in May rose by £5bn, sharply down on April's rise of £6.5bn.
The news may come as a refief to the Bank of England, whose two successive interest rate rises signal their concern over the housing market, but more figures will be needed to spot a trend rather than a blip.
Although house prices are still rising seemingly uncontrollably, if less people are taking out mortgages it will act as a brake on the market.
Read More: BBC Report
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