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60 per cent drop on mortgage lending in January


The housing market suffered another blow by a recent report which showed 60 per cent drop in mortgage lending during January 2009.

The Bank of England announced that mortgage lending was £690 million in January which has decreased from £1.80 billion during December 2008. This was the second lowest figure ever.

Altogether mortgage lending has decreased from about £10 billion per month at the height of the market.

As in January 2008, the mortgage figure was approximately £6.90 billion compared to January 2009 which was £690 million.

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