UK Money News
2nd May 2008
Mortgage approvals fall to 15-year low
Mortgage approvals for house purchase slumped to a record low during April as lenders continue to tighten their loans criteria.
New figures from the Bank of England show that just 58,000 home loans were approved in April.
This is just over half the level granted by lenders in the same month last year when 113,000 were approved and is the lowest level since 1993 when the Bank began compiling the data.
Simon Rubinsohn, chief economist at the Royal Institution of Chartered Surveyors, said: "This highlights very clearly the real problem facing not just the property market but also the wider economy. A collapse in transactions of this magnitude has major implications both for consumer spending and a wide range of ancillary industries.
"Lenders are continuing to tighten up on the conditions accompanying new loans making it hard for first-time buyers to take advantage of the modest fall in house prices seen over the part few months."
Rics has previously predicted that the number of property sales will fall by between 35 per cent and 40 per cent this year.
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