Monday, March 10, 2008
40 per cent drop is huge
Mortgage approvals have dropped to a record low for February (since Bank of England records began), according to Connells Survey & Valuation. The increase in mortgage approvals in January is not indicative of a wider trend within the mortgage market, the number of applications being accepted by lenders fell by a further 3.5 per cent in February. With only 71,400 (seasonally adjusted) approvals in February, this figure is the lowest that has been recorded for the month since Bank of England records began in 1993. It is second only to June 2005 as the lowest level on record. Experiencing a decline in the ten out of the last twelve months, approvals have dropped by 40.5 per cent since February 2007.