Mortgage finance still restricted, figures show
Consumers are continuing to struggle to obtain finance for mortgages, it has been found.
The latest figures from the British Bankers' Association (BBA) have revealed that the value of loans for house purchases dropped in October, continuing a decline that has seen it drop almost 60 per cent in the last year.
And as the value of all mortgage loans remained steady, the BBA showed that this figure has dropped by nearly 30 per cent over 12 months.
The total number of mortgages approved was less than 21,600 - a 52 per cent fall compared to 2007 - suggesting that those looking for a home in London may prefer to rent a house or flat instead.
Commenting on the figures, statistics director at the BBA David Dooks noted that there is "a much reduced appetite for borrowing" in the current economic climate.
Last week the Council of Mortgage Lenders predicted that a lack of finance would persist over the coming months.
Published 25th November, 2008
© 2008 Estates IT Limited
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