Mortgage Approvals Have Now Tailed Off
Bank of England Shows Mortgage Approvals Are Tailing Off
Just when the CML released figures that mortgage approvals had risen by 81% the Bank of England has released figures showing the number of new mortgages approved, but not yet lent, has fallen for the first time in 10 months.
There were 52,317 approvals in August, compared to 52,404 recorded in July.
This new data is adding to growing evidence that the recent improvement in the property market may have reached a plateau.
Commenting on the latest data from the Bank of England, CML economist Paul Samter said:
“Net lending turned positive in August, and for the first eight months of the year it has totalled £5.5 billion. Housing market activity has flattened off, but remains stable and well above the very low levels seen a year ago. The weak economy and limited capacity to lend is continuing to restrict further improvement and we expect lending to remain subdued.”
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