HAS THE HOUSE BOOM BUST? - UK [View All]

House price increases 'slowing' after £1billion drop in lending

By Clinton Manning, Business Editor

A £1BILLION drop in mortgage lending suggests the house price boom could be starting to slow.

Borrowing dipped from £24.8billion in April to £23.8 billion last month.

The Council for Mortgage Lenders said sky-high prices and rising interest rates were putting the brakes on the market.

Crucially, it added that the drop in lending was driven by a fall in the number of people taking out a mortgage to buy a house.

Separate figures from the British Bankers Association showed May had the smallest monthly rise in mortgage advances since November last year.

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