K mortgage lending falls to lowest since 2001

LONDON: Official figures show gross mortgage lending in Britain has fallen to its lowest level since February 2001 as the housing market remains subdued.

The British Bankers Association said on Tuesday that gross lending in October was 7.6 billion pounds ($12.1 billion), 16 percent lower than a year earlier. The value of loans for home purchases, however, increased by 2 per cent to 144,900 pounds.

The association says that demand for unsecured credit was down 1.7 per cent compared to a year ago, although there was a slight increase in credit card lending.