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Mortgage lending slump in March
New data from the British banks’ trade association UK Finance reveal mortgage lending by its members is under some pressure as consumer confidence slips.
Gross mortgage lending in March 2018 fell 2.3% year-on-year with total mortgage approvals falling 15%.
Mortgage approvals for house purchases were down 20.9%.
The figures may have been impacted by the timing of the Easter Bank Holiday and bad weather.
It is worth noting this release only encompasses lending by high street banks and not building societies which account for a large portion of this market.