UK Money News
28th December 2007
Mortgage approvals "low" for November
Mortgage approvals for the month of November this year were low once again, according to the British Bankers' Association (BBA).
Statistics director David Dooks said activity in the market was overall much quieter and a decreased number of approvals resulted from both lower demand and tighter supply.
November saw a net change of £4.3 billion in mortgage lending, down from £4.8 billion the previous month. Annual growth stood at 13.2 per cent.
Mr Dooks explained that a number of factors were currently driving consumer habits, such as tighter household budgets and an uncertain financial market.
"The market is likely to continue slowing in the coming months … ending has begun to slow down," he added.
Other figures from the BBA revealed a net change of £0.5 billion in the consumer credit sector, up from the previous month's level of £0.4 billion.
It also found that for the third quarter of 2007, small businesses showed little sign of being affected by the credit crunch.
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