| UK Mortgage lending drops to lowest levels |
New mortgage lending in the UK fell to 12-month lows in April, Bank of England figures show. Mortgage approvals totalled 107,000 down from 111,000 in March - which is the third monthly decline in a row. The data also hinted the market may be slowing as the value of home loans rose £8.9bn, compared with £9.9bn in March. But, more surprising, was the sharp drop in consumer debt which rose by £498m - half what was expected and its the weakest increase since March 1997. undefined undefined Historically low interest rates in the past few years have encouraged Britons to take on a mountain of debt - now reaching £1.5 trillion. |