Mortgages Slowdown As Buyers Waited for a Rate Cut

Evening Standard - London › August 18, 2005

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Summary

MORTGAGE lending slowed dramatically in July as homebuyers sat on their hands ahead of this month's wellflagged cut in interest rates in order to benefit from cheaper deals, writes Jane Padgham.

The British Bankers' Association said the big High Street banks dished out Pounds 3.7 billion in new home loans in July, well down on June's Pounds 4.7 billion increase and below the average of Pounds 4.4 billion over the previous six months.

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Extract

Mortgages Slowdown As Buyers Waited for a Rate Cut

Consumer credit was also much weaker, spending on cre...

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