Mortgages slow down for Christmas
Mortgage lending has shown its usual end-of-year slackening, according to figures from the British Bankers’ Association (BBA).
In December last year, the overall number of new mortgages approved, but not yet lent, fell to 140,866. This represented a 27% drop on November, but was still 5% higher than in December 2004.
David Dooks, BBA director of statistics, said: “Weaker mortgage lending in the first half of 2005 led to annual totals generally smaller than in 2004.
“But gross lending and loans approved for house purchase finished the year on an upward trend, after allowing for seasonal factors.”