Mortgage approvals down 60%
The British Bankers’ Association (BBA) has reported that UK mortgage lending fell sharply in November.
Approvals for house purchases were down 14% on October and 60% year-on-year, to a record low of 17,773.
The average amount borrowed was £117,000, down nearly 24% on November 2007.
Meanwhile, remortgaging approvals fell in volume to 29,798, compared with 52,452 in [...]