Subscribe to The Money StopNews Feed

Browse > Home / News, News-Mortgages / March mortgage approvals down

March mortgage approvals down

May 1, 2007 by admin  
Filed under News, News-Mortgages

Leave a Comment

It seems that we may be beginning to see demand for mortgages weakening.

New figures from the British Bankers’ Association (BBA) show that the number of mortgage approvals in March fell compared to the same period last year.

In total, 198,000 mortgages were approved, signalling a fall of eight per cent on the same figures for March 2006.

However, the average mortgage amount rose by 12 per cent in 2007, reaching £150,800.

“Strong levels of gross mortgage lending reflect homebuyers and homeowners seeking out fixed rate mortgages as protection against rising interest rates,” said David Dooks, director of statistics at the BBA.

He went on to say that the drop on mortgage approvals indicated that “weaker demand is starting to emerge”.

The BBA’s figures also show that credit card borrowing fell by £0.1 billion in March, signalling a three per cent drop compared to figures for the same month in 2006.

Borrowing on personal loans and overdrafts remained pretty constant.

Tags: rate, finance, personal loans, mortgages weakening.New figures, 800."Strong levels, cent, british bankers association

Tags:

Related Entries

  • Mortgage approvals still slow
    • According to figures mortgage approvals in the UK for the start of this year have been sluggish despite optimism over improvements in the market. The Bank of England released data showing that the level of
  • Spring bounce continues for mortgage lending
    • Recently released figures have suggested that the spring bounce seen in mortgage lending has continued, with the increase in mortgage lending continuing in May. According to the figures mortgage lending for the month of May
  • Mortgage Approval Rates are on the Rise – Is the Recession Coming to a Close?
    • According to the figures from the mortgage industry for the month of March, it seems that lenders are once again starting to approve mortgages for homeowners. An increase of 16% in the number of mortgages
  • Record mortgage lending figures
    • New figures from the Council of Mortgage Lenders (CML) show that we borrowed a record amount of money in March 2007.In total, £31.3 billion was leant to people who took out a mortgage on a
  • House price increase seen in March
    • Figures released by the High Street lender, Nationwide, have indicated that there was an increase on property prices for the month of March, with property prices increasing by more than £3000 according to the figures.
  • Mortgage approvals rise to one year high in June
    • A leading industry group has released data showing that the number of mortgage approvals for new property purchases in the month of June reached a one year high. The data was released last week by
  • Mortgage lending starts to pick up
    • Over the past year mortgage lending in the UK has remained very subdued, having gone through a very turbulent and difficult period after the global financial crisis and recession wreaked havoc across the nation's financial
  • Mortgage approvals reach ‘record low’ in May
    • The number of mortgage approvals for house purchases reached a record low last month, according to an industry body.Figures for May show that remortgaging levels held up, accounting for a record 53 per cent of

Speak Your Mind

Tell us what you're thinking...
and oh, if you want a pic to show with your comment, go get a gravatar!