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.


Leave a comment

No comments yet.

Comments RSS TrackBack Identifier URI

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s