UK mortgage lending slows to weakest pace since 2012 amid new tax

London

BRITISH mortgage lending slowed to a crawl in April, increasing at the slowest pace since 2012 as a new tax on landlords took effect, while mortgage approvals also dropped, official data showed on Wednesday.

Mortgage lending grew just £281 million (S$558 million) in April, a fraction of the £3.8 billion increase forecast from a Reuters poll of economists and down sharply from a £7.411 billion rise in March.