UK Money News
27th May 2008
BBA: Mortgage approvals down 40% year on year
The number of mortgages approved for house purchase fell by almost 40 per cent year on year during April, according to figures from the British Bankers' Association (BBA).
Research conducted by the BBA shows that just 38,704 home loans were approved during the month.
This is up slightly from March when 35,546 loans were approved but represents a decline of 39.4 per cent compared with the same month last year.
Howard Archer at Global Insight said: "Despite April's modest rise in mortgage approvals, the BBA data are still very weak and indicate house buying remains under severe pressure from the damaging combination of stretched affordability and tight lending conditions."
Approvals for equity withdrawal were also at low levels with just 33,720 loans approved.
However, the number of loans for re-mortgaging was up by 20 per cent, with the rise attributed to homeowners shopping around for cheaper interest rates.
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