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Mortgage lending still low, figures reveal
Mon, 05 Jan 2009
Mortgage lending improved slightly in November but remained low, new figures show.

Data released by the Building Societies Association (BSA) reveals that net mortgage lending by its members totalled £422 million in November, up on £413 million in the previous month.

However, it was still down on the £790 million recorded for November 2007.

Commenting on the figures, Adrian Coles, director-general of the BSA, said: "It is encouraging to note that after the negative net advances figures in the summer the last three months have seen positive figures which suggests perhaps that the market is not deteriorating."

With falling house prices it is not surprising that the mortgage market continues to be weak, he added.

Gross mortgage lending stood at £2,595 million in November, compared with £4,070 million at the same time last year.

Meanwhile, Louise Cuming, head of mortgages at Moneysupermarket.com, has warned Nationwide's decision not to pass on any further Bank of England base rate cuts to tracker customers could be copied by other mortgage lenders .

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