The Bank of England has released details of mortgage approvals in September which shows that net mortgage lending fell in September.
The number of mortgage approvals in September slipped to 50,967 from 52,347 in August. The fall was broadly expected but confirms the fall in demand for property. The long-term average before the financial crisis of 2008 was around 90,000 mortgage approvals per month.
Net unsecured lending, which takes the form of lending on credit cards and personal loans did rise to its highest level since February.
Net mortgage lending also slowed, the figures showed an increase of £0.3 billion in September from £0.5 billion in August. Most analysts expected to see an increase from August to £0.6 billion.
Completed sales of homes fell in September, down to 72,000, the second decline in a row according to HMRC.
http;//www.expertconvenyancing.com
Read more - http://www.myfinances.co.uk/mortgages/2011/10/31/number-of-house-sales-falls-again-in-september
