Mortgage Levels Drop to Record Low
Mortgage approvals for home buyers fell to a record low last month, according to latest data from the British Bankers' Association (BBA), reflecting the continued slowdown in the UK housing market.The BBA announced that the number of approvals fell 37% in October to 44,105, from 53,997 in September.
It is the third consecutive month that approvals have dropped as lenders continue to tighten their criteria and consumers struggle with falling disposable incomes.
Gross mortgage lending continued to hold up in October, rising 2.5% year-on-year to £18.8bn.
However, the BBA said: "With the value of approvals falling sharply, this recent steady trend may not be maintained in the months ahead."
The number of re-mortgage approvals also fell during October, down 17pc to 54,881.
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