Mortgage lending by British banks slowed in April to its weakest pace in more than three years, the British Bankers' Association (BBA) said today.
The BBA also said consumer credit was noticeably weak, with a rare net monthly repayment of seasonally adjusted credit card borrowing.
Underlying mortgage lending rose by £4 billion in April, significantly lower than March's £4.5 billion rise which was also the average increase in the previous six months, the BBA said.
It was the weakest rise since February 2002, when it also went up by £4 billion, said David Dooks, director of statistics at the BBA.
"The weaker recent picture of mortgage demand continued in April and tied in with other reported indicators of a slower housing market," he said.
The news on consumer credit follows remarks from Bank of England policymakers that a slowdown in consumer spending is a key economic risk following bleak reports from major shop chains and downbeat retail surveys.
But separate figures from the Building Societies Association showed mortgage approvals picked up slightly in April to their highest value since July 2004.
