6 July 2014

Mortgage lending from building societies slumped again last month.

Data from the Building Societies Association shows that net lending was down from £1,262 million in May to £125 million in June.

The statistics follow hot on the heels of Bank of England mortgage approval figures for May, when the number of new home loans fell to just 42,000 - a collapse of 63.8% since the same month a year ago, when there were 116,000 loan approvals.

The number of new home loans has no

Last year, there were just under one million housing transactions - well under the normal 1.4 million that is the long-term average. This year, it looks as though a new record low will be set as the credit crunch continues.

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