New low for UK mortgage approvals
June 30, 2008
The number of new mortgages being approved for house purchase in Britain has dropped heavily for another month.
The Bank of England said 42,000 homes were approved in May, a 28% fall compared with the previous month and 64% down on a year ago.
This is the lowest since the Bank began reporting the figures in 1993 and lower than many analysts’ predictions.
Mortgage lending has slumped owing to the credit crunch with institutions reducing their willingness to lend.
Source: BBC News (Internet)
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