Mortgage approvals reached their lowest level for 20 months in November, while net mortgage lending dropped to the lowest in over a decade, British Bankers' Association (BBA) figures suggest.
Net mortgage lending fell to a ten-year low of £1.464bn in November, down from £3.4bn for the same month of 2009, and the lowest figure since October 2000. Home-owners instead looked to borrow against existing properties, sending remortgaging approvals to their highest number since July 2009. House purchase approvals by the main high street banking groups were 29,991 in November, down from 30,689 in October, the lowest number recorded since March 2009. The average value of house purchase approvals rose slightly to £145,000, 1.9% higher than the same time a year ago. By compari...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
