Home purchase loans show slump

Loans for home purchases slumped by 8% last month as lenders clamped down on mortgages for those with small deposits, according to research.

Lending to borrowers with a deposit of less than 15% of the purchase price dropped 10% year-on-year in August, driving the overall number of home purchase loans down to 48,913 - the third worst August since records began nearly 20 years ago, chartered surveyors e.surv said.
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