BBA: Mortgage companies' lending reduced
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Mortgage companies are still lending less to house buyers, according to the trends identified in the latest statistics released by the BBA.
Mortgage lenders in the UK are offering less money to prospective house buyers, according to the latest statistics from the British Banking Association (BBA).The industry organisation's statistics revealed that gross mortgage lending fell from £9.2 billion in February to £8.9 billion in March, while the total amount approved for all mortgages fell from £7.7 billion to £7.3 billion.
Mortgage brokers approved a total of £3.3 billion for house purchases in March, down from £3.5 billion the previous month. The figure has fallen by 25 per cent since last March.
David Dooks, BBA statistics director, said: "The banks' figures also show it would be unrealistic to expect the mortgage market to recover in a steady and consistent way in the current economic environment."
Recently, Alistair Darling announced measures aimed at making it easier for people in the UK to have their home mortgage requests approved, such as the extension of the stamp tax holiday.
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