Mortgage approvals at lowest level on record
Uk mortgage approvals slumped to their lowest number in at least 15 years last month, a high street banking report has said.
There were 51,610 mortgage approvals in June worth £6.5bn, the lowest number of approvals the British Bankers' Association (BBA) has on its records, which stretch back to September 1997.
Within these figures, there were 26,269 approvals for house purchase worth £4.2bn, the lowest number since January 2009. House purchase approvals are a fifth lower than they were a year ago. There were just over 14,000 approvals for re-mortgaging, worth £1.9bn, well below the longer-term average which is close to 20,000 approvals.
The BBA said the public holidays for the Diamond Jubilee and the impact of the wet weather on buyer activity affected the figures while the appetite for borrowing among consumers remained weak in the "subdued" market.
Lenders have also been tightening their borrowing criteria.