Mortgage Approvals at Record Low
The number of mortgages approvals for December 2007 was at a record low with just 42,088 new loans approved. This figure is 38% below December 2006 and the lowest since the British Bankers Association (BBA) started collecting these figures in 1997.Total mortgage advances also fell during the month to levels last seen in September 2005. A total of £15.1 billion was advanced during the month, down from £16.5 billion in November and 22 per cent below the figure for December 2006.
These figures are reflected in and are a refleciton of, the marked slowdown in the housing market and the fall in house prices seen recently.
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