Record low for mortgage approvals

Personal deposit growth has picked up as UK consumers attempt to pay down debts and save as the economic outlook worsens. The number of loans approved for house purchase in June fell to just 21,118, down from 27,499 in May and 67% lower than in June 2007. Remortgaging activity held-up better, with the number of loans falling by 3,000 to 59,637, down 13% since June last year. David Dook, director of statistics at the BBA, comments: “Another record low number of mortgages approved by the banks for house purchase means that the whole market is likely to be at its least active since the earl...