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PPI Claim News - 1/2/2011

 
Loan protection: Mortgage lending at lowest ever level last year

Mortgage lending dropped to its lowest ever level last year, with just £8.15 billion being lent.

According to the Bank of England, which released these figures, this is the lowest amount since records began in 1987, reports thisismoney.co.uk.

This figure represents a significant fall from the amount lent in 2009, when mortgage lending amounted to £11.33 billion.

Howard Archer, chief UK and European economist at IHS Global Insight, told the news provider: "Even allowing for the fact that the severe weather likely hit mortgage activity in December, the Bank of England data points to a housing market stuck in the doldrums."

Paul Diggle, property economist at Capital Economics, added that lending is unlikely to pick up and due to the constraints on supply and demand, the recent fall house prices will remain for some time.

This announcement follows news that the total outstanding credit card debt in the UK rose by £41 million during December.

Jennifer Haines

Jennifer's speciality knowledge is credit card changes and balance transfers.
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