UK mortgage approvals at lowest rate for nine months

Tue, 01 Aug 2017

UK mortgage approvals at lowest rate for nine months
Britain's housing market continues to stall as mortgage approvals drop to their lowest levels in nine months.

There was also a drop in lending growth as the economy seems to stagnate.

Figures from the Bank of England show that there were 64,684 mortgage applications approved in June, a fall from 65,109 in May. This is the lowest number of mortgage approvals in a single month since September 2016.

These figures are particularly worrying given the BoE's forecast, released just three months ago, suggested that mortgage approvals would average around 71,000 a month.

The Office for National Statistics' house price index showed a 4.7 per cent annual growth for the year to May, down from a 5.3 per cent growth in the year to April. This is similar to figures provided by the Halifax and the Nationwide, both of which suggest that growth has declined since the UK's vote to leave the EU.

There was also a fall in consumer credit growth, with the annual rate slipping to 10 per cent from the 10.4 per cent growth seen in May.

The rate peaked at an 11-year high last November, when the rate of growth was 10.9 per cent.

Banks have recently been warned against complacency and told that they should not assume that the low rates of loan defaults currently being experienced would last indefinitely.

The BoE's MPC will meet later this week to discuss the possibility of raising interest rates from the record-low 0.25 per cent, as well as updating their quarterly economic forecasts.

The British economy has suffered its slowest start to a year since 2012, with consumer coming under increasing pressure following a rise in inflation and suffering losses in their 'real terms' wages.
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