UK mortgage lending slumps to 20-month low

Mortgage lending in the UK rose at its slowest rate for more than a decade during November as the number of loans approved for house purchase also slumped to a 20-month low, figures showed today.

Net lending, which strips out redemptions and repayments, was just £1.46bn (€1.71bn) during the month, half the level seen in November last year and the lowest figure since August 1999, according to the British Bankers’ Association.

The subdued lending market also showed little sign of picking up in the near future, with the number of mortgages approved for house purchase dropping to a 20-month low of 29,991.