UK mortgage market continues to fall
Business Digest: New mortgage approvals drop 25% from December high
The mortgage market has continued its summer dip, with the number of home loans approved falling for the second month running, suggesting pressure on household finances and fears about job security.
There were just 33,698 mortgages approved for house purchases in July, down 877 from the previous month, said the British Bankers' Association (BBA). The number represents a fall of about 25 per cent from the high of 45,415 home loans approved in December.
Net mortgage lending, which strips out repayments and redemptions, increased by £1.95bn - the second lowest rise since February 2001.
Although the abolition of home information packs has reportedly led to more properties being put up for sale, the BBA said that that hadn't translated to more people buying a house with a mortgage.
Read a full report at the BBC