Friday, March 28, 2008

Mortgae approvals continue their death spin

Mortgage approvals fall by 33% year on year whilst re-mortgaging frenzy appears to be over

U.K. mortgage approvals fell by a third in February from a year earlier as the higher credit costs have deterred homebuyers, according to a report by the British Bankers' Association... Banks granted 43,870 loans for house purchase, down approx. 33 percent from February 2007, the BBA, which represents the U.K.'s biggest banks, said today in a statement. Approvals for re-mortgaging rose 5.5 percent from a year earlier to 72,193.

Posted by converted lurker @ 10:45 AM (677 views)
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One thought on “Mortgae approvals continue their death spin

  • it_is_going_with_a_bang says:

    “Bank of England Governor Mervyn King said yesterday there had been “a distinct tightening” of credit conditions”

    What he should be syaing is :
    “Property is just too expensive and basically unaffordable and needs to lose value fast”

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