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.
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