The number of mortgages approved for house purchase dropped by 56.6 per cent in the year to September 2008, the latest British Bankers Association (BBA) statistics show. In September this year, 23,422 mortgages were approved for house purchase compared with around 54,000 in September 2007. The number of mortgages that were approved for house purchase in September 2008 however, rose by 8.8 per cent to 23,422 compared with 21,342 approvals the previous month. Remortgage approvals also lifted in September compared with August from 51,523 to 47,260.

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