Number of New U.K. Mortgages Falls in January

London–The number of new home loans dropped in January compared to January 2007, according to the British Bankers Association.New mortgage loans, considered to be an indication of upcoming housing demand, fell 31 percent year-to-year, the Financial Times reports. However, overall net mortgage lending increased by £5.2 billion in January due to refinancings. In December, lending rose £4.9 billion. Home remortgages comprised 49 percent of all approvals in January and have increased sharply from September.New loans for equity withdrawal have decreased by 23.6 percent from 2007 to 2008.The London-based British Bankers Association represents roughly two-thirds of the U.K. mortgage market.