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Last Modified: 18 Jul 2008
Source: PA News

The rate at which mortgage lending is falling has accelerated as the credit crunch tightens its stranglehold on the market, figures show.

Banks and building societies advanced a total of just £23.8 billion during June, the lowest level since February 2006, the Council of Mortgage Lenders said.

The figure was also 3% lower than the amount lent in May and 32% down on advances in June 2007.

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