Mortgage lending fell sharply in July as activity in the housing market remained subdued, according to Bank of England figures released today.Net lending totalled £86m for the month, down from June's £518m and the second-lowest monthly lending figure since the Bank's records began in 1993, although there have been two months when net lending was negative.The number of mortgages approved for house purchases edged ahead slightly during the month, rising to 48,722 from 48,562, well down on the levels of more than 100,000 a month seen during the housing boom. The figure was also down on the high of slightly more than 59,000 in November.
Mortgage lending fell sharply in July as activity in the housing market remained subdued, according to Bank of England figures released today.
Net lending totalled £86m for the month, down from June's £518m and the second-lowest monthly lending figure since the Bank's records began in 1993, although there have been two months when net lending was negative.
The number of mortgages approved for house purchases edged ahead slightly during the month, rising to 48,722 from 48,562, well down on the levels of more than 100,000 a month seen during the housing boom. The figure was also down on the high of slightly more than 59,000 in November.
Adrian Coles, director-general of the BSA, said: "There remain significant challenges such as heightened uncertainty about job prospects and household incomes, potentially limiting future demand
The dominant meme is that people and businesses are not spending because of 'uncertainty' which is of course the government's fault and if only they got out of the way all would be well.
The truth is that 90% of the population are in debt to the other 10% who own the country and virtually everything in it.
So it's not a matter of uncertainty - it's a matter of fucking insolvency. "Any economic unit can emit money. The serious problem is to get it accepted" Hyman Minsky
