30 Nov

Mortgage approval figures 'are better than expected'

Mortgage approval figures 'are better than expected'

The number of mortgages being approved has fallen by less than property market analysts had expected, it has been claimed.

Data from the Bank of England showed that approvals for house purchase dipped in October to 92,000 from September's figure of 96,000 on an unadjusted basis.

Meanwhile, on an adjusted basis they fell from 100,000 to 92,000, the figures show.

However, while press reports suggest otherwise, the findings are not nearly so bleak as they appear, Michael Coogan, director general of the Council of Mortgage Lenders said.

To support his assertion Mr Coogan pointed to the fact that the total value of mortgage approvals was higher in October than it had been a year ago.

He added: "The number of approvals for house purchase fell as expected, but not by as much as earlier evidence might have led us to anticipate.

"The market is slowing, as we have always said it would at this point in the year. And the slowdown is being exacerbated by the funding shortfall being experienced through the continued closure of the securitisation market. But the situation is not as bleak as some of the more dramatic commentary would suggest."

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