Mortgage Market Remains Subdued
38,704 new mortgages were approved in April, a slight rise on March but 39.4% down on last April's figures.Approvals for new house purchases was well down on 2007, but approvals for remortgages was up.
A BBA spokesman commented that pressure on household finances, falling house prices, and tighter lending criteria were all cutting the demand for people wanting to move home.
Lenders are now expecting that fresh mortgage lending will shrink by about 40% this year, despite the efforts of the Bank of England to inject more money into the banking system.
Standard & Poor's figures show that 20% of 'sub-prime' borrowers in the UK have fallen behind with mortgage repayments. 10.6% of sub-prime borrowers were 90 days of more behind on repayments.
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