Mortgages high

MORTGAGE lending looks set to remain strong as the value of loans approved for people remortgaging hit a new high during November, figures revealed.

The value of loans approved for people remortgaging reached £8.48bn during the month, while approvals for people buying a new home reached £9.33bn - their second highest level for 17 months.

The number of loans approved for both house purchase and remortgaging were also the highest since the middle of last year as the market showed no sign of its traditional seasonal slowdown, the British Bankers' Association said.

Hilton reunion

A £3.6 bn deal to reunite ownership of the Hilton hotels brand looked set to be completed yesterday.

Reports said Hilton Group, which also owns the Ladbrokes betting shop chain, was putting the finishing touches to the sale of its hotels business to its American cousin, Hilton Hotels Corporation.

The plan, which was first revealed in October, reunites the two companies following their split in 1964.

Car sales slide

SALES of new cars have dropped at their fastest rate for more than 11 years, it was reported.

Statistics from the Society Of Motor Manufacturers And Traders, which were due to be published next week, are expected to show 2.43 million cars were sold in 2005, down five per cent on 2004's sales of 2.56 million, the Daily Telegraph said. The fall would be the biggest since at least 1994.