UK Money News
23rd April 2008
Crunch hits mortgage lending in March
The credit crunch is continuing to impact on the UK housing market, new data suggests.
According to figures from the British Bankers Association (BBA), the number of mortgage approvals for house purchase during March fell 18 per cent to 35,417 from the previous month's figure of 43,147.
This represents a drop of 46.2 per cent when compared with March 2007 - and is the lowest figure recorded by the BBA for almost a decade.
David Dooks, director of statistics at the BBA, said: "The consequences of low banking sector liquidity show up clearly in March data; reduced product ranges and tighter criteria resulted in slower mortgage lending and significantly fewer loan approvals.
"Pressures on personal finances are also constraining demand, not only for mortgages, but also for personal loans and borrowing on cards."
Members of the BBA account for around 70 per cent of all mortgage lending in the UK.
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