UK mortgage lending fell in March for the first time in four months, according to figures released today.
The survey, published by the British Bankers" Association, says that the number of approved mortgages fell by 6.8 per cent from February to 26,097. This represents a 25 per cent fall from the same month in the previous year.
The Association suggested that the drop may be partly attributed to falling deposits, as savers are put off by low interest rates, while banks continue to rebuild their capital positions.
Elsewhere, the decline in average house prices appears to be slowing. 32 per cent of postcode areas saw price falls in April - while 59 per cent saw reductions in February.
