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Last Updated: Thursday, 25 August 2005, 10:13 GMT 11:13 UK
House buying 'is still subdued'
A house
Mortgage lending fell in July, say banks
The number of new mortgages approved for house purchase by British banks was 6% lower in July than a year ago, new data indicate.

Figures from the British Bankers Association (BBA) showed its members approved just 65,611 new home loans.

Last week the BBA said the growth in the value of mortgage lending was at its slowest since the end of 2001.

But the rate of decline was the lowest in a year, indicating that the market could be stabilising.

"The question now is if July marks a new weak trend or whether it was just a blip," said Philip Shaw, economist at Investec.

The BBA also said credit card borrowing was modest in July, reinforcing signs of a recent slowdown in retailing.

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