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Increase in number of loans approved in April drops

By Jonathan Dawes, Mon 2 Jun 2008 - Published in Money

April saw the increase in the number of loans issued to people in the UK fall, according to the Bank of England.

Within a total of £7.3 billion, the rise in net lending secured on dwellings was £6.4 billion. This was below the increase in March and the previous six-month average.

The number of mortgages approved and the number of loans granted for other purposes were also down on March, but the number of remortgaging loans increased.

Credit card lending rose but again it was less than the increase seen in March.

Commenting on the drop in the number of mortgage approvals Simon Rubinsohm from the Royal Institution of Chartered Surveyors said: "Lenders are continuing to tighten up on the conditions accompanying new loans making it hard for first-time buyers to take advantage of the modest fall in house prices seen over the past few months."