According to figures released by The British Bankers Association mortgage lending went up by 5 billion in April, which is down from figures for March of 5.1 billion.
Figures from the Council of Mortgage Lenders showed that the gross mortgage lending was 28.8 billion in April, compared to 31.7 billion in March. However if you compare these figures with the same period last year you find an increase of 18% .
Although this is an increase over last year’s figures, this includes re-mortgaging activity and was also boosted by people taking out fixed rate mortgage deals in the light of further interest rate rises.
David Dooks the director of statistics for The British Bankers association stated the prevailing high prices of houses and the increased repayments are causing a slowdown in the mortgage market.
Many economists had forecast the slowdown with the past interest rate rises finally having an effect on the housing market.
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