The British Bankers' Association (BBA) reports that November's mortgage lending rose more slowly than in October and approvals were again low. Mortgage lending increased by £4.3bn in November, compared with an increase of £4.8bn in October. The average for the last six months has been £5.5bn.
Unsecured lending remained subdued and personal deposits showed only modest growth.
BBA statistics director, David Dooks, said of the latest data: "Mortgage activity is notably lower than this time last year and, as we expected, lending has begun to slow down. Judging by the significantly lower number of mortgage approvals in October and November - partly resulting from lower demand, partly from tighter supply - the market is likely to continue slowing in the coming months. Tighter household finances and uncertainty in the financial markets are driving consumer behaviour. Deposits are weak and unsecured borrowing remains subdued, despite a marginal rise in November".
