Mortgage lending dropped in August, adding to the mounting evidence of a slow-down in the property market.
The number of home loans fell to 65,400 in August, down 3 per cent from July, according to latest figures from the Council of Mortgage Lenders (CML). It was the first month-on-month lending decline since February.
However, total lending rose 8 per cent on the year.
Total borrowing was also down 3 per cent on the month to £11.4 billion, but on an annual basis prices rose 8 per cent and the value of lending was up by 19 per cent.
Lending to first-time buyers was down 4 per cent on the month in August to 28,900, but up 9 per cent on the year. The value of