Lending figures 'show slowdown'

A dip in lending has been experienced in the UK, according to new statistics.

The Bank of England has released figures which show that throughout March new lending was below the growth experienced in the previous month, although it amounted to £8.2 billion.

Some 64,000 loans were approved for houses, while 98,000 were applied for successfully for remortgaging products, although the growth rate of the past year was found to have slowed to 8.7 per cent.

Michael Coogan, chief executive officer at the Council of Mortgage Lenders, commented: "It comes as no surprise that approvals for house purchase have continued to decline.

"This will result in a substantially lower level of housing transactions in 2008 than we saw last year."

Elsewhere in the UK, the Scottish market has been described as "remarkably robust" by property consultancy Knight Frank.

A storage system is a necessity for those buying a new home to make the transition smooth.


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