Bank of England reports lending slowdown continues

New figures from the Bank of England has shown that the slowdown in mortgage lending continues.

There were 36,000 new mortgages approved for house purchases in June, down from 41,000 reported in May, the Bank of England said.

The increase in total mortgage lending was also lower rising by £3.1bn in June. When compared to 2007, the number of loans approved for house purchases in June was down by 69%

Additionally, the number of owners remortgaging has also fallen, down to 84,000 in June compared with 90,000 in May.

14 consecutive months have now passed during which the number of home loans approved has fallen and the figure is at its lowest since the Bank began reporting on mortgage lendeing in 1993.