Mortgage Approvals at Yet Another New Low
Mortgage lending fell yet again in August with approvals for purchases down by 64% on a year ago. Just 21,086 mortgages were granted, down from 58,564 in August 2007.According to the British Bankers Association, there was a host of factors slowing the market including falling prices, uncertainty from the Government's anticipated announcement on stamp duty, economic pressures and tighter lending criteria.
The number of mortgage approvals for house purchases fell from 22,239 in July to the lowest figure since the figures began being collected in September 1997.
Approvals for remortgages were also down on 12 months ago, falling 28% to 47,765. This is the lowest level since 2001.
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