Concern Over Drop in Mortgage Approvals
The housing market continues to worry home owners and economists after official figures from the Bank of England revealed a massive decline in mortgage approvals. The hard fact is that net lending, which strips out redemptions and repayments, totaled just £86m during the month - a steep fall from June's £518m.
The Royal Institute of Chartered Surveyors commenting on the Bank of England mortgage approvals data:
Simon Rubinsohn, RICS chief economist said:
The mortgage lending figures are the fourth lowest since the Bank's records began in 1993.