Monday, Apr 30, 2007
Leading indicator of future housing marketing slowing
interactive investor: Signs of slowing in UK mortgage demand emerging - BBA
LONDON (Thomson Financial) - Signs that the UK housing market may be starting to slow emerged today as a leading industry group reported that UK mortgage approvals slowed from a year earlier while lending remained below its average over the past six months.
In its in-depth analysis of the mortgage market in March, the British Bankers' Association said the number of mortgage approvals for house purchase slowed to 75,098 from 85,098 a year earlier.
The value of loans approved also slowed on an annual basis, to 11.3 bln stg from 11.4 bln stg.
Though the figures were up sharply from 54,659 and 8.2 bln stg in February, this reflects seasonal factors as the housing market usually picks up in March from February and January, said David Dooks, director of statistics at the BBA.
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