RICS: BBA December lending figures

Commenting on today's BBA figures Oliver Gilmartin RICS senior economist said: "Weaker levels of mortgage lending is unsurprising given the tighter lending standards enacted in recent months. Banks have sought to rebuild profit margins by raising borrowing costs whilst the supply of loans from specialist lenders has fallen dramatically.

A more sluggish mortgage and housing market is set to continue in the near term, as financial institutions remain on high alert as to lending exposures. Even the few undeterred by market conditions will to need to find even larger deposits to take their the first step on the property ladder."