UK Mortgage Lending falls back

Mortgage lending in the UK fell for the first time in 4 months during March, figures out today show.

6.8% less new mortgages were issued than in February.

The news is a blow after some encouraging recent data suggesting the housing market may at last be picking up – and the news has hit the Pound on foreign exchange markets this afternoon.

The Pound fell around 1c against the Euro and US Dollar, while sending money to Australia is now over 1% more expensive than yesterday. Candian Dollar exchange rates have also fallen.