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Mortgage lending plummets 70%

Dec 1 2008 WalesOnline

Mortgage lending collapsed during October, diving by nearly 70% to reach the second lowest figure on record, the Bank of England said today.

Just £459 million was advanced during the month, well down on September’s £1.49 billion and only 6% of the level for October 2007.

The steep fall was driven by the ongoing shortage of capital banks have to lend.

It may also reflect a renewed tightening in their lending criteria in the wake of the collapse of Lehman Brothers in September, which triggered a new round of volatility in the financial markets.

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