UK Money News
29th July 2008
Mortgage approvals down again in June
Mortgage approvals hit their lowest level since 1993 during June, according to official data.
Figures from the Bank of England revealed that just 36,000 home loans were approved over the course of the month.
This compares with 41,000 for May and represents a 70 per cent decline from the same month last year.
The total sum lent out during June, meanwhile, fell from 17.3 billion in 2007 to £5 billion this year.
Simon Rubinsohn, the Royal Institute of Chartered Surveyors' (Rics) chief economist, said: "The latest numbers from the Bank of England demonstrate in the clearest possible way the consequences of the credit crunch for the residential property market.
"Unless the authorities take steps to restart the mortgage market, the likelihood is that there will be more bad news in store for the both the housing market and the retail sector during the latter part of the year."
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