24 Jul

June mortgage approvals 'down'

June mortgage approvals 'down'

Mortgage approvals in June dropped by 23 per cent compared to the month before, the British Bankers' Association has stated.

The organisation revealed that its members passed 21,118 requests for new loans in the month, while 27,499 approvals were witnessed in May.

And the total number of homes sold in the UK will probably be at the lowest level since the economic recession that took place at the beginning of the 90s, according to its data.

The present economic conditions are having a definite impact on the property market, asserted chief economist at the Royal Institution of Chartered Surveyors Simon Rubinsohn.

He commented: "The continuing lack of availability of mortgage finance is proving a major drag on the level of property transactions and is increasingly being felt in the real economy."

Despite this trend, a number of mortgage lenders have announced new products or rate changes in the last week, with Nationwide stating that it is to reduce the interest on its fixed-rate products as well as its lifetime tracker mortgages.ADNFCR-1222-ID-18701116-ADNFCR

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