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Article: Mortgage lending slips GBP 1bn
- Article from:
- The Scotsman
- Article date:
- June 19, 2004
- Author:
CopyrightCopyright 2004 The Scotsman. Provided by ProQuest LLC. (Hide copyright information)
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THE first evidence that commonsense might have finally broken out
among spend-happy UK consumers emerged yesterday. The Council of
Mortgage Lenders said mortgage lending fell by GBP 1 billion in May,
while separately the British Bankers Association said growth in
unsecured lending was broadly flat last month.
Significantly, while the total amount advanced in May was 9 per
cent higher than in May 2003, the amount borrowed by people
remortgaging was 17 per cent down on this time last year.
This coupled with first-time buyer data suggests homeowners are
gradually cutting back on borrowings. On average, first-time buyers
in May borrowed 88 per cent of the value of their property, and their ...