Mortgage approvals have remained broadly stable in July but are far below the levels seen in 2007, according to the British Bankers Association (BBA),
It also warns it is unlikely the market will recover in the short-term, mirroring the Bank of England’s warnings the financial crisis is far from over. A total of 22,448 loans were approved for house purchase in July, up slightly from 22,369 in June, but 65% lower than July 2007. Remortgage approvals fell 7.5% to 54,232 in July, down 21.2% in the last twelve months, while equity withdrawal loans remained stable on a monthly basis at 28,930. BBA statistics director, David Dooks, comments: “The monthly numbers of approvals for house purchase, which have fallen by some two-thirds over th...
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