New Mortgages Falls by 50% in One Year
The number of mortgages granted int hepast year has fallen by 50%. Economists at Citigroup have called this fall 'stunning' and said it is evidence that the credit crunch and falling houing market has made it all but impossible for many people to borrow to buy a property.The British Bankers' Assoc (BBA) reported mortgage approvals of hyst 35,417 in March, the lowest figure since collecting recors in 1997 and a fall of 46% since March 2007.
The amount advanced totalled £5.6bn in March, down by 43.7% in March 07.
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