Mortgage Approvals Hit a New Low
The number of new mortgages approved by the major banks fell another 23% in June to a new record low.The British Bankers' Association (BBA) said its members approved just 21,118 new home loans in June, down from 27,499 in May.
The figures were also 67% lower than in June last year.
The collapse in sales and fall in house prices has been caused by the mortgage drought, which was triggered by the credit crunch in the banking system. The issue most responsible for this was irresponsible lending on the sub-prime market in the US.
The BBA said the number of homes sold in 2008 was likely to be the lowest since the recession at the start of the previous decade.
"Another record low number of mortgages approved by the banks for house purchase means that the whole market is likely to be at its least active since the early 1990's," said the BBA's statistics director, David Dooks.
Quick House Sale Calculator
Fall Through Index
Refer a Friend
T: 0800 068 3366 
Email Us
0 Comments:
Post a Comment
Links to this post:
Create a Link