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Mortgage lending slows £500m

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  • Mortgage lending slows £500m

    Hi Guys

    Mortgage lending slows £500m
    1st Aug 2005, a Monday

    Growth in mortgage lending and consumer credit slowed last month, according to the Bank of England. The Bank said mortgage lending grew by £7.5bn in June, compared to £8bn in May, with the number of loan approvals static at 273,000.

    Consumer credit grew by £1.28bn, £700m less than a seasonally adjusted figure from May, while credit card lending rose at its slowest rate in four years at £335m.

    The National Institute of Economic and Social Research slashed its 2005 growth forecast for the UK economy, arguing that weakening house prices would continue to depress consumer spending and act as a drag on economic growth.

    The think tank expects the economy to grow by just 2.0% this year, rather than the 2.7% forecast in April

    News Source:
    "There's one way to find out if a man is honest-ask him. If he says 'yes,' you know he is a crook." Groucho Marx