U.K. Mortgage Approvals Fall 39% on Tighter Lending, BBA Says

U.K. Mortgage Approvals fell in April as sliding home values and tighter loan terms dimmed the appeal of borrowing to buy property, according to the British Bankers’ Association (BBA). Banks granted 38,704 loans for house purchase, down 39% from a year earlier. The read was an increase of 9% over March’s reading. House prices are declining as fallout from the global credit squeeze prompts financial institutions to curtail lending. The release falls in line with a continued decline in House Purchases, down almost 50% from the peak reached in January 2007, but at the same time; people are looking for different lenders for better deals in the re-mortgage market. This shows U.K. consumers are continuing to feel the credit market squeeze.

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