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UK mortgage approvals plummet to 10 year low

by Staff Reporter2 minute read

Mortgage approvals slumped by 38 per cent in the UK in December – the worst figures seen in at least a decade, reports Bloomburg.

Mortgage approvals slumped by 38 per cent in the UK in December – the worst figures seen in at least a decade, reports Bloomburg.

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Lenders approved 42,088 loans for house purchases in December 2007 compared with 67,697 in December 2006.

Economist Howard Archer commented that; “Housing market activity is now being substantially undermined by both stretched affordability and tightening lending practices”.

The weak property market and slowed consumer spending are expected to intensify pressure on the Bank of England to cut interest rates in February.

UK mortgage approvals plummet to 10 year low
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