slowing down due to rising interest rates
New data has indicated that mortgages
will slow down simply due to high interest rates.
The 2007 April figures showed a much slower annual increase than
Nearly 65,000 people carried out a
loan for buying their home during April, this indicating a drop
of around 10,000 from the previous month, figures revealed.
17.3 billion was the data represented
for the gross mortgage
lending for April, a climb of 12 per cent April period
Director of statistics at the BBA,
David Dooks said: "The latest three months have seen net
mortgage lending stabilise, with rates - albeit still around £5
billion a month - below the average of the previous six months.
"The picture from approvals points
demand weakening further as as the year progresses and the cumulative
effect of higher interest rates bites harder."
Chief UK and European economist at
Global Insight Howard Archer, said: "Mortgage approvals for
house purchases moderated to 64,815 in April from 75,098 in March.
approvals were actually up 1.0 per cent year-on-year in April,
this was largely because approvals had dipped markedly in April
Free Mortgage Enquiry