UK Money News
29th April 2008
Mortgage market slump deepened in March
Data from the Bank of England shows that the number of new mortgages for house purchase approved during the month slid to 64,000 from February's figure of 72,000.
This is the lowest level recorded by the Bank since it began collating the information in 1993 - and represents a year on year decline of 44 per cent.
The value of new home loans totalled £6.9 billion, bringing the total mortgage debt of the nation to £1.429 trillion.
Commenting on the figures, Simon Rubinsohn, chief economist of the Royal Institution of Chartered Surveyors, said they were to be expected given the rigorous lending conditions increasingly being applied by lenders.
He commented: "The news mortgage approvals dropped to a record low of 64,000 is hardly surprising given that lenders have been aggressively scaling back on the provision of finance to home buyers.
"Indeed, it is improbable the bottom of the cycle has yet been reached given the latest announcement that Nationwide is following the lead of other lenders in requiring new borrowers to now put down at least a ten per cent deposit to secure a mortgage."
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