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UK Oct mortgage lending little changed vs Sept but approvals fall - BBA
Thursday, November 25, 2004 9:45:02 AM

LONDON (AFX) - Mortgage lending by major UK banks in October stayed little changed from the previous two months but approval numbers fell, according data from the British Bankers Association. Seasonally adjusted net lending rose 4.4 bln stg in October, similar to levels in September and August. The number of loan approvals fell 7 pct from September and 33 pct compared with a year ago while house purchase loans dropped 1.5 pct and 35 pct respectively

However, the value of the average house purchase loan rose to 113,110 stg after falling in each of the last three months.
Meanwhile, consumer credit growth slowed down in line with weaker retail sales, BBA said. Additionally, new borrowing on credit cards fell to the lowest level since February at 7.173 bln stg, some 8.6 pct weaker than the average of the previous six months.
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