24
Jul
June mortgage approvals 'down'
Mortgage approvals in June dropped by 23 per cent compared to the
month before, the British Bankers' Association has stated.
The organisation revealed that its members passed 21,118 requests
for new loans in the month, while 27,499 approvals were witnessed
in May.
And the total number of homes sold in the UK will probably be at
the lowest level since the economic recession that took place at
the beginning of the 90s, according to its data.
The present economic conditions are having a definite impact on the
property market, asserted chief economist at the Royal Institution
of Chartered Surveyors Simon Rubinsohn.
He commented: "The continuing lack of availability of mortgage
finance is proving a major drag on the level of property
transactions and is increasingly being felt in the real
economy."
Despite this trend, a number of mortgage lenders have announced new
products or rate changes in the last week, with Nationwide stating
that it is to reduce the interest on its fixed-rate products as
well as its lifetime tracker mortgages.