RICS: July BBA mortgage lending figures

Commenting on BBA mortgage lending figures, Oliver Gilmartin, RICS senior economist said: "With an 11 percent decline in housing loans, slower housing market activity will rein in house price growth into Christmas. This will temper the sentiment that has supported consumer spending in recent months and which the Bank of England had identified as an upside risk to inflation. Tightening borrowing standards in response to sub-prime concerns could intensify the current slowdown in lending activity over the next six months. Equally, those trying to get a foot hold on the property ladder may need to stump up higher deposits to allay the fears of lenders."