Figures reveal continued fall in mortgage lending
The number of mortgages granted by banks in the UK has continued to fall, according to the latest statistics from the British Bankers' Association (BBA).
A total of 17,773 mortgages were approved for the purpose of buying a house in November - representing a 60.7 per cent decline compared to the same point one year ago.
Statistics director at the BBA David Dooks noted that volumes "reached new lows" in part due to concerns over falling prices as people are concerned about the finances as the economy continues to struggle.
Those hoping to live in London but avoid the problems associated with attempting to obtain a mortgage may prefer to rent a house or flat.
Commenting on the figures, shadow chancellor for the Liberal Democrats Vince Cable noted that banks are not providing mortgages "on reasonable terms", adding: "There is a very serious problem of mortgage supply."
Published 23rd December, 2008
© 2008 Estates IT Limited
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The number of mortgages granted by banks in the UK has continued to fall, according to the latest statistics from the British Bankers' Association (BBA).