Mortgage approvals 'fell sharply' in January, figures show
Mortgage approvals 'fell sharply' in January, figures show
Tuesday 23rd February 2010
The number of mortgages that British banks agreed with homebuyers fell significantly last month, new figures from the British Bankers Association (BAA) show.The BAA said on Tuesday its members had approved 35,083 house purchase loans in January, compared to 45,650 in December.
The data also shows the value of mortgage advances was also down 26 per cent, to £8 billion, the lowest monthly amount for eight and a half years.
The BAA said many buyers had borrowed in December to bear the re-introduction of a lower stamp duty threshold, while would-be buyers stayed away in January with the extreme winter weather.
BBA's statistics director, David Dooks, said: "It was no surprise to see the January mortgage figures falling back from December, when transactions were being pushed through to beat the end of stamp duty relief.
"There was a natural reaction in the January figures and the bad weather further suppressed market activity."
The BAA findings echo those from the Council of Mortgage Lenders last week which reported mortgage lending had dropped to a ten-year low in January.
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