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.