23 Nov

Mortgage approvals dip in October

Mortgage approvals dip in October

Mortgage approvals for house purchases were down during October, new data reveals.

According to figures from the British Bankers Association (BBA), 44,105 mortgages were approved last month - down from 53,997 in the preceding month.

This is the third month in a row that approvals have dropped as the housing market continues to display signs of a slowdown.

October's figures represent a drop of 37 per cent from October 2006, when over 70,000 mortgages were taken out.

BBA statistics director David Dooks said: "October's data provide evidence of a rapidly slowing mortgage market and of consumers limiting their personal borrowing.

"Pressure on household finances, the cumulative impact of interest rate rises over the last year, the expanded application of home information packs and the consequential impact of the credit crunch may well all have a part to play in suppressing current demand and supply," he added.

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