Mortgage approvals down 75% since Oct 2007

According to the Bank of England (BoE), there were 32,000 approved deals in October, 1,000 fewer than in September and more than 80,000 fewer than in June 2007. The cost of homes has also taken a massive hit since the onset of the credit crunch, with prices already down between 10% and 15% in the past year and sales down by more than half. It follows warnings from Sir James Crosby, the former head of Halifax Bank of Scotland (HBOS), last week that lending for home loans in 2009 may fall even further. The BoE says approvals have slumped by 74% in the past year. In June 2007, approvals ...