Mortgage approvals in December 2007 reached half the level they achieved in January, according to data from Connells Survey & Valuation.
Connells says the figures for December show no signs the Bank of England’s (BoE) base rate cut has improved the prospects for the mortgage market. Connells’ figures, which are one month ahead of the latest figures released by the BoE, show mortgage approvals fell to 66,000 in December 2007, down 21% from November and almost half the 120,000 seen in January. Tightening credit conditions, low confidence among homebuyers and the introduction of Home Information Packs are the major contributors to this drop, according to Connells. Ross Bowen, managing director of Connells, comments: “Mortgag...
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