Mortgage was up in October, but there are signs that growth is slowing down, new figures have shown.
According to the British Bankers' Association (BBA), net mortgage lending increased by £5 billion last month.
This was lower than September's figure of £5.9 billion and the previous six-month average of £5.6 billion.
BBA statistics director David Dooks said: "October's data provide evidence of a rapidly slowing mortgage market and of consumers limiting their personal borrowing.
"Pressure on household finances, the cumulative impact of interest rate rises over the last year, the expanded application of home information packs and the consequential impact of the credit crunch may well all have a part to play in suppressing current demand and supply."
Mortgage approvals for house purchases were also lower in October, said the BBA.
Responding to the figures, the Royal Institution of Chartered Surveyors said that first-time buyers are particularly affected by tighter mortgage provision, making it more difficult for them to get on to the property ladder.
See Also: Property News (0)
Date Published: 26 November 2007
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