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Mortgage lending still falling


A report by the Nationwide building society has indicated that mortgage lending is still falling.

Nationwide mentioned that the average house price had increased by nearly 1.2 percent during May, the second increase since March when house prices became higher for the first time since 2007.

However the annual rate of decline slowed from 15 per cent to a nine-month low of 11 per cent.

Martin Gahbauer from Nationwide commented: "Although the short-term trend in house prices has clearly improved from where it was at the beginning of the year, it is still too early to say that the market is turning definitively.

Martin commented further: "In the current downturn, the combination of rapidly rising unemployment and tight access to credit implies that the last of the price declines has probably not been seen yet."

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