Mortgage lending slowed for a third straight month in the United Kingdom to a new eight-year low.

There are contrasting mortgage numbers for the United Kingdom in May 2009 that helps put results into perspective. Mortgage lending has slowed for a third straight month to an eight-year low in May. Net mortgage lending grew GBP2.3 billion in May, and is the smallest increase since March 2001.

On the other hand, mortgage approvals in the UK picked up for a second straight month to a 13-month high. The number of approvals is a good forward looking indicator for the housing market activity, but gross and net mortgage lending show a subdued wider picture.

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