Mortgage approvals dropped once again in December as the major banks continue to display a cautious approach. The amount of money spent on home purchases last month dropped to £15.1 billion, representing a two and a quarter year low. Furthermore, the British Bankers’ Association approved just 42,088 new loans in December – the lowest figure in the entire decade that data has been collected. Meanwhile, the value of mortgages approved in the month was £16.5 billion – a 10 per cent decrease on the previous year.
The figures have provoked further calls for the Bank of England to cut interest rates, having decided against making a second consecutive cut last month, instead opting to leave the base rate at 5.5 per cent.
December Sees Home Loans Fall Further
Mon, 28 Jan 2008
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