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Housing - Mortgage lending slumps


THE LEVEL of mortgage lending in the UK slumped even further in August, according to figures from the Council of Mortgage Lenders.

The total value of new mortgages was a staggering 36 per cent down on August last year, and represented a drop of 12 per cent from the low levels seen in July. “In some areas, you could count the number of transactions in August on one hand,” said one mortgage broker.

Worse is on the way. The number of mortgages approved but not yet lent is down 71 per cent over the figure a year ago.