New figures released today have shown that mortgage approvals sunk to another record low last month, it what seems to be customary monthly news. There were just 42,000 mortgage approvals last month, representing a 28 per cent monthly decrease. The Bank of England also commented that the figures fell short of expectations, with experts predicting a total of 51,000 mortgage approvals in May. Furthermore, not only was there a monthly decrease of 28 per cent on the previous month, but the figures were down by two thirds on the same month in 2007.
There was a similar story with net lending, which had been expected to fall due to the continuing house price slump and problems in the mortgage market. However, the decrease was more severe than had been expected, with a decrease of a third on the previous month and two thirds below the same month last year.
Remortgage levels also decreased from April to May, with the figure of 90,000 representing a 10 per cent drop; somewhat surprisingly given the number of people coming to the end of short term fixed rate deals.
New Home Loans Fall Again
Mon, 30 Jun 2008
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