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23 December 2010
Last updated at 05:10 ET
The number of mortgages approved for house purchases by the major UK banks fell to a 20-month low in November, figures have shown.
Some 29,991 of these home loans were approved during the month, the British Bankers' Association (BBA) said.
The statistics offer more evidence that the mortgage market has shown little life towards the end of the year.
Meanwhile, consumers' debt repayments on credit cards and overdrafts continued to outstrip new borrowing.
Home loans The BBA figures show that net lending by the major banks, which takes out redemptions and repayments, stood at £1.46bn in November.
This was half the level seen in November last year and the lowest figure since August 1999.
The low level of mortgage approvals for house purchases also gives a clue that the number of home loans being taken out in the coming months is likely to remain low.
First-time buyers have struggled to secure new loans, as banks retreat to lending to the safest of borrowers.
However, the BBA pointed out that the number of people remortgaging had picked up. There were 27,045 remortgage approvals in November, which was nearly 4,000 higher than the average of the previous six months.
"Remortgaging was strong in November as borrowers chose to replace maturing fixed-term mortgages," said BBA statistics director David Dooks.
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Some 29,991 of these home loans were approved during the month, the British Bankers' Association (BBA) said.
The statistics offer more evidence that the mortgage market has shown little life towards the end of the year.
Meanwhile, consumers' debt repayments on credit cards and overdrafts continued to outstrip new borrowing.
Home loans The BBA figures show that net lending by the major banks, which takes out redemptions and repayments, stood at £1.46bn in November.
This was half the level seen in November last year and the lowest figure since August 1999.
The low level of mortgage approvals for house purchases also gives a clue that the number of home loans being taken out in the coming months is likely to remain low.
First-time buyers have struggled to secure new loans, as banks retreat to lending to the safest of borrowers.
However, the BBA pointed out that the number of people remortgaging had picked up. There were 27,045 remortgage approvals in November, which was nearly 4,000 higher than the average of the previous six months.
"Remortgaging was strong in November as borrowers chose to replace maturing fixed-term mortgages," said BBA statistics director David Dooks.
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