Mortgage lending drops by 11 per cent | Mail Online
Mortgage lending by Britain's major banks dropped 11% to £7.6 billion during June amid continuing lacklustre activity in the markets for house purchase and remortgaging, figures showed today.
The year-on-year decline, reported by the British Bankers' Association (BBA), comes despite signs of recovery in the buy-to-let sector as demand picks up for rental property.
The number of house purchase approvals was slightly higher than in May at 31,747 but 6% lower than June 2010, with the average approval value of £149,700 being 0.6% lower than a year ago.
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