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Mortgage lending falls dramatically in April

New mortgage lending by building societies fell by almost half last month to £1.78bn from £3.39bn in March.


The figures released by the Building Societies Association fuel speculation that the housing market in the UK may have peaked.


The Council of Mortgage Lenders confirms this downturn, reporting that total UK mortgage industry loans dipped to £6.6bn from £7.1bn. The British Bankers Association says mortgage loans in their sector dropped 14 per cent in April to £2.01bn from 2.35bn..


BSA director general Adrian Coles says: “After the strong start to the house-buying season in March the market has levelled off.”

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