Mortgage approvals up, lending down

The number of mortgages approved for house purchases rose slightly in January, but the level of lending continued to fall, figures from the British Bankers’ Association showed. The number of mortgages approved during January was at the highest level for four months, but in year-on-year figures there was a 43 per cent drop. Meanwhile net lending dropped to the second lowest level since April 2001, nearly half the level in January 2008.