The number of mortgages lent for property purchase has fallen by 71% over the past year, according to the latest figures from the Bank of England.
The value of loans fell by 54%, with a reduction seen in both house purchase and remortgages during July. Just 33,000 mortgages were approved for house purchase in July, down from over 110,000 during the same period in 2007 and 5.7% lower than in June 2008. Remortgage approvals also fell, down from 80,000 in June to just 69,000 in July, a 14% fall. The total value of loans slid from £16.6bn in June to £14.6bn in July, and has fallen 54% from £31.49bn in July 2007. The figures were released as the Building Societies Association (BSA) confirmed net lending among building societies is ...
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