Fresh dip in mortgage lending spells deepening gloom for housing market
July 23rd, 2008
The latest figures from the British Bankers’ Association make seriously grim reading. The seasonally adjusted value of loans approved in June for homes dropped to a third of what it was in the same month a year ago.
The figures read: £3,297 million June 2008 against the already pitiful £4,243 million in May 2008 and compared with pervious years £9,826 million in June 2007 and £9,517 million in June 2006.
This points to a further fall in transactions and more and worsening hardship for an already pressed industry.
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