Figures released today have shown that due to the lack of activity in the property market since the recession, Britains biggest banks have dropped mortgage lending by 11% in June to £7.6 billion.
The report, filed by the British Bankers' Association states that the annual decline in mortgage lending comes in spite of the encouraging signs in the buy-to-let sector as the demand for rental property increases significantly.
The report, filed by the British Bankers' Association states that the annual decline in mortgage lending comes in spite of the encouraging signs in the buy-to-let sector as the demand for rental property increases significantly.
In May, the amount of house purchases in that were approved was slightly higher than those in June this year at 31,747, however this is 6% lower than the figures recorded in June 2010, with the average approval value of £149,700 being 0.6% lower than a year ago.
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