BBA reports a decline in the number of house purchase approvals in UK for the third consecutive month now.
April 12, 2007 (Press Release) --
LONDON, 12th April, 2007: Evidence suggest that UK housing market is weakening further while a group of leading banks report a decrease in the number of loans for house purchase.
The in depth analysis of the mortgage market by British Bankers' Association in February announced the plunge of secured loans from 57,385 to 54,659 in February 2006.
The average loan for house purchase approved was 150,400 stg, up 14 pct from the year before. BBA also said that the underlying net mortgage increased by 5.2 bln stg, below recent average growth of 5.7 bln stg and January's 5.4 bln stg rise.
BBA's director of statistics, David Dooks said, “The UK's shortage of housing market supply is clearly evident in the mortgage approvals data. The last 50,000 stg rise in the average house purchase loan has occurred more than twice as quickly as the previous 50,000 stg increase”.
He added, “Demand appears to be moderating however, as the monthly number of house purchase approvals was lower than a year earlier for the third month running and net lending was below trend in February”.
The total mortgages approved including secured personal loans, rose to 167,246 from 166,326. The total value of approvals was 18.1 bln stg.
For more information on the news that is the subject of this press release (or for a copy, demo, or sample) contact Webmaster or visit: http://www.easy-loans-shop.co.uk/personal-loans.html
The in depth analysis of the mortgage market by British Bankers' Association in February announced the plunge of secured loans from 57,385 to 54,659 in February 2006.
The average loan for house purchase approved was 150,400 stg, up 14 pct from the year before. BBA also said that the underlying net mortgage increased by 5.2 bln stg, below recent average growth of 5.7 bln stg and January's 5.4 bln stg rise.
BBA's director of statistics, David Dooks said, “The UK's shortage of housing market supply is clearly evident in the mortgage approvals data. The last 50,000 stg rise in the average house purchase loan has occurred more than twice as quickly as the previous 50,000 stg increase”.
He added, “Demand appears to be moderating however, as the monthly number of house purchase approvals was lower than a year earlier for the third month running and net lending was below trend in February”.
The total mortgages approved including secured personal loans, rose to 167,246 from 166,326. The total value of approvals was 18.1 bln stg.
For more information on the news that is the subject of this press release (or for a copy, demo, or sample) contact Webmaster or visit: http://www.easy-loans-shop.co.uk/personal-loans.html
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