Tuesday, 4 May 2010

Mortgage lending dives, fears grow for housing recovery

Mortgage lending dived by 83pc during March, fuelling speculation that the housing market recovery is running out of steam, official figures showed.

Net lending, which strips out redemptions and repayments, fell to just £318m during the month, down from £1.85bn in February, according to the Bank of England. It is now at the lowest level since July last year, when it was negative.

The low figure is likely to partially reflect the distortions to the market caused by the Government's stamp duty holiday, which led to people rushing through transactions on lower-value properties before the end of last year. more..


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