The Bank of England have released new data showing that new home loan approvals fell by nearly 70 per cent in June. Approvals fell to a meagre 36,000 as the trend of monthly declines in home loan approvals continued. Such a decline is evidenced by the fact that June’s approvals were down by 68 per cent on the previous June – in which there were 114,000 new home loan approvals, and down by 12 per cent on the 41,000 approvals in May. Meanwhile, new funding for mortgages has also slumped, with the £5 billion level of funding less than a third of the £17.3 billion lent last year.
The figures dampened hopes of a recovery as some lenders showed a confidence in the market that has been missing since the beginning of the credit crunch. However, as the credit crisis continues to impact on people’s lives, banks are struggling to rebuild capital and have been harmed by the widespread caution across the property market as consumers anticipate further property decreases.
New Home Loan Approvals Drop Once Again in June
New Home Loan Approvals Drop Once Again in June
Mon, 04 Aug 2008
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