Wednesday, January 26, 2011
“BBA’s figures underline the subdued state of the UK property market”
The number of mortgages approved for house buyers by the UK's main banks fell by 10% in 2010. The British Bankers' Association (BBA) says its members approved just 400,000 mortgages between them. That meant the number of approvals was at its lowest level in 11 years, apart from 2008. The BBA said unsecured lending, such as credit cards and bank loans, was also depressed. "Mortgage demand was weak throughout the year," the BBA said.