Mortgage approvals down 20% on 2013, as ISA savings rise 38%

Carmen Reichman
clock

High street bank mortgage approvals were down 20% in November compared with the year before, new figures from the British Bankers' Association (BBA) have shown.

BBA's research found there were 36,717 house purchase approvals in November this year with a combined value of £6bn - 20% fewer than in the same month last year. The average number of house purchase approvals in the six months prior to November was 40,792 with a combined average value of £6.6bn. The Financial Conduct Authority (FCA) introduced more stringent rules on mortgage lenders following the Mortgage Market Review which came into effect in April this year. However, the BBA said the slump in mortgage approvals may be temporary as the Chancellor's autumn statement stamp duty an...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on ISAs

Only 8% of IFAs have seen increase in ISA payments despite rule change

Only 8% of IFAs have seen increase in ISA payments despite rule change

Majority have not seen any change in behaviour among their clients

Isabel Baxter
clock 12 August 2024 • 1 min read
Why Labour should radically simplify the ISA regime

Why Labour should radically simplify the ISA regime

Changes could pave the way for increased investing

Laura Suter
clock 23 July 2024 • 2 min read
Fundment launches Lifetime ISA to 'deliver on adviser demand'

Fundment launches Lifetime ISA to 'deliver on adviser demand'

‘Advisers have been asking us for a Lifetime ISA'

Isabel Baxter
clock 11 July 2024 • 2 min read