BBA figures show a drop in mortgage lending

Wed, 26 Nov 2014

BBA figures show a drop in mortgage lending
Latest figures from the British Bankers' Association show that mortgage approvals were 16 per cent lower in October than during the same month last year, with a total of just 37,076 mortgages approved.

This figure dropped even further in September, which saw a year on year drop of 10 per cent, while the value of mortgages has also dropped by 13 per cent.

"The [British Bankers' Association] data adds to now pretty widespread and compelling evidence that the housing market has come well off the boil," said the chief UK and European economist with IHS Global Insight, Howard Archer.

The market proved resilient against the major changes that came into play earlier this year following the mortgage market review, but the overall trend has seen the market cooling off.

The Halifax has predicted house price inflation slowing down next year.

Predictions for house price growth next year range from 3 per cent increase to a 5 per cent increase, a considerable drop from the 10 per cent peak we saw in July this year.

However, an interest rise is expected at some point next year, which is thought could drop house prices.

If there is a drop in prices overall because of an interest rate rise, then homes could once again become more accessible to first time buyers, seeing as the dream of owning a property has moved further from possibility for young people recently, despite interventions like Help to Buy.
add to favouritesnewsletterlink to this pagesend to friendpost comments

Link to this page

Copy and Paste the following HTML into your page.

Note: For a free no obligation chat with an independant mortgage specialist about your requirements please complete ourmortgage enquiry form below.

Mortgage, Remortgage or Buy-to-Let Mortgage Enquiry Form

Stop Press: Find the perfect mortgage!
Lending criteria has been relaxed and our specialists can find you great mortgage offers to compare.
Our team do all the work to find you the best offer
We'll help you find the best mortgage for your needs and ensure that everything runs as smoothly as possible.
Deposits required are again falling
The cost of the best deals has dropped recently for those borrowing either 80%, 85% or 90% of their property's value
Independent, searching the whole market
With 1000's of mortgage products available our mortgage brokers will source the mortgage that suits your situation.
Please complete this quick, free enquiry form.




mths

Your Details

Home Buyer Guides

Home Buyer News

Speak with an independant mortgage specialist

About Company

HomeBuyService.co.uk is part of the SFN Network of websites. Sitefinders Net Ltd is a U.K based company setup in 1995. Our core business is the development of online businesses using the generic domain name concept. We have a growing portfolio of websites in many different industries such as electronics, finance, retail, seasonal and health.

Privacy Policy
FAQ
Sitemap

Get in Touch