UK Money News
11th March 2008
Credit crunch hits mortgage approvals
The credit crunch is continuing to impact on the UK housing market with mortgage approvals falling to their lowest level in nine years in January.
Data from the Council of Mortgage Lenders (CML) reveals that the number of new loans approved for home buyers dropped to 50,300 during the month - down 11,700 compared with December 2007.
The figure also represents a halving of the number of approvals since the credit crunch began in August 2007 when over 100,000 loans were approved.
Michael Coogan, director general of the CML, said the data was indicative of the moves lenders have made to tighten their lending criteria.
He explained: "The wholesale funding markets remain largely closed and mortgage funding still remains constrained.
"This is now having a discernible impact on lending criteria and the ability of first-time buyers to get into the housing market."
The CML's research also showed that the total value of approvals fell by 17 per cent from December to £7.8 billion.
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