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Mortgage Approvals Decline |
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(24th September 2008)
Would-be homeowners are suffering from the drop in mortgage approval rates as growth in the sector is reduced by half, according to the British Bankers' Association BBA.
Approvals for people looking to get onto the property ladder were 64 per cent lower in August than they were a year ago, the association claims.
Meanwhile, the number of people remortgaging their property fell to the lowest level since 2001 – 28 per cent lower than the number remortgaging in August last year, the BBA said.
David Dooks, BBA statistics director, commented: "Falling property prices, economic pressures on households, tighter lending criteria and anticipation of the government's announcement on stamp duty all suppressed or delayed demand in August."
He claimed the credit crunch would continue to affect mortgage approval rates in the coming months.
In related news, property sales in the UK have hit their lowest level since 1959, according to the Guardian.
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