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Mortgage approvals decrease in the UK

27/04/2009


New figures have shown that mortgage approvals have taken another turn for the worse as they decreased by 25.3 per cent over the last 12 months.


The statistics from The British Bankers Association (BBA) confirm that 26,097 mortgages were agreed in March 2009 which was down from 34,920 in March 2008. During February 2009 mortgage approvals were down by 7 per cent when 28,024 mortgages were agreed.


The director of statistics from the BBA, David Dooks commented: "It would be unrealistic to expect the mortgage market to recover in a steady and consistent way in the current economic environment."


Recent information on the mortgage market has been positive and figures showed that the slump in the housing market was coming to an end.


The Council of Mortgage Lenders (CML) recently said that 24,300 mortgages were approved in February which was a slight increase from 23,400 on the previous month.


The anticipation of a recovery in the housing market has been recently heightened by the fact that home loans that were approved in February increased by 4 per cent.

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