Mortgage approvals hit record low

Thu, 24 Jul 2008

According to figures released by the British Bankers Association, mortgage approvals slumped to a record low of just over 21,000 during June, some 66.9 per cent down on figures from the year before.

The fall was the greatest since records started in September 1997, the BBA said in a report. The figures, they said, indicate that the housing market downturn is actually accelerating, despite recent hopes that the credit crunch could be over.

The director of statistics at the BBA, David Dooks, reportedly commented: "Another record low number of mortgages approved by the banks for house purchase means that the whole market is likely to be at its least active since the early 1990s."
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