Big Drop In Mortgage Approvals Posted on August 26th
2:43pm UK, Tuesday August 26, 2008 The number of mortgages approved for house purchase in July was nearly two-thirds lower than a year earlier, new figures show. Around 22,448 new loans for people moving home were approved during the month. That is 65% fewer than in July 2007 but largely the same as the previous month. Net mortgage lending, which strips out redemptions and repayments, also levelled out at £4.3bn, the British Bankers' Association said. Statistics director David Dooks said: "The monthly numbers of approvals for house purchase, which have fallen by some two-thirds over the last year, levelled off in July. "It would, however, be premature to think that the housing market will now start to recover because overall approval activity continues to be very low." Earlier Bovis Homes announced an ... Tagged as Business News Review | No Comments » | Continue
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August 26th / 0 comments
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