UK Money News
24th July 2008
Mortgage approvals slumped in June
The number of mortgages approved during June hit its lowest level since the late 1990s, new data has shown.
According to the British Banker's Association (BBA), the total number of home loans approved for house purchase in June was just 21,118.
This represents a drop of 23 per cent from May.
June's total is the lowest figure noted by the BBA since it began collating its figures in 1997.
BBA statistics director, David Dooks, said: "Another record low number of mortgages approved by the banks for house purchase means that the whole market is likely to be at its least active since the early 1990s.
"The pressure on household finances is being reflected in subdued consumer borrowing, with spending on cards lower than of late and borrowing on personal loans and overdrafts being comparatively weak."
The research also revealed a 13 per cent slump in the number of remortgage deals approved and a 37 per cent decline in people opting for equity release loans.
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