UK sees sharp expected drop in home lending in April

Lending for home purchases fell by 40% in April compared with the previous month but experts point out this was a blip due to an unusually high level of borrowing in March ahead of stamp duty change. Home owners borrowed £8.1 billion, down 4% compared to a year ago and took out 47,300 loans, down 31% on March and 5% on April 2015, according to the latest figures from the Council of Mortgage Lenders. First time buyers borrowed £3.9 billion, down 11% on March but up 15% on April last year. This ...