–BOE Major Lenders Dec Mortgage Approvals 40,000 v 45,000 Nov
–BOE Nov Net Business Lending Flow stg1.3bn vs -stg2.8bn Oct
–BOE Dec Mortgage Approvals Lowest Since March 2009
–BOE Dec Net Mortgage Lending stg0.8bn vs stg1.4bn Nov
–BOE Dec Net Mortgage Lowest in Current Data Series
–BOE Dec Gross Mortgage Lending stg8.9bn vs stg9.7bn in Nov
London (MNI) – Major lenders mortgage approvals fell sharply in
December and net mortgage lending hit a record low, according to Bank of
England data.
Against a backdrop of exceptionally cold weather and underlying
weakness in the housing market, mortgage activity fell to new lows.
The December BOE Trends in Lending survey showed mortgage approvals
by major lenders fell to 40,000 in December from 45,000 in November.
That was the lowest outturn since March 2009.
The major lenders approvals data are a good indicator of overall
approvals, as they typically account for around 80% of total approvals.
Net mortgage lending in December fell to stg0.8 billion from stg1.4
billion in November, hitting its lowest in the data series, which was
started in its present form in January 2009.
Gross mortgage lending fell to stg8.9 billion from stg9.7 billion
in November.
The Trends in Lending data, however, painted a more upbeat picture
on the corporate side.
The net monthly flow of lending to UK business turned positive,
coming in at stg1.3 billion in November, compared to a decline of stg2.8
billion in October.
This was the first positive flow since February. The 12 month
growth rate for lending to UK business was still firmly in negative
territory, at -5.1% in November.
–London newsroom: 4420 7862 7491 email: drobinson@marketnews.com
[TOPICS: M$B$$$,M$$BE$,MABPR$,MT$$$$]
