Mortgage approvals reach 11-year low
The number of mortgages approved by banks in the UK fell to a record low last month, new research has shown.
Figures from the British Bankers' Association (BBA) indicated that mortgage approvals slumped to just 21,118 in June, down from 27,499 in May.
Compared to the same month in 2007, approvals were down 67 per cent, highlighting how the credit crunch has made it harder to arrange a mortgage and therefore made flats to rent in London and across the UK more attractive.
BBA statistics director David Dooks said that mortgage approvals for the year were likely to be as low as they were at the height of the housing slump during the early 90s.
Royal Institute of Chartered Surveyors chief economist June Simon commented: "The continuing lack of availability of mortgage finance is proving a major drag on the level of property transactions and is increasingly being felt in the real economy."
Liam Bailey, head of residential research at Knight Frank, recently said that the asking prices of property for sale in London could drop by as much as 20 per cent in the coming months.
Published 24th July, 2008
© 2008 Estates IT Limited
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