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SELL YOUR HOME QUICKLYLending approvals plummet to lowest level yet
”Aboutproperty” today reported that lending approvals plummeted to a record low in April, according to the latest figures released by the Bank of England. Mortgage approval rates have fallen to half the level they were at a year ago, asserts the website.
In May last year, 115,000 mortgages were approved. By comparison, only 58,000 were approved in April this year – revealing a staggering decrease, and a sure sign of a slow-down in the housing market, says “Aboutproperty”. The fact that remortgage approvals increased somewhat from March this year (up by 8,000 in April) does little to alleviate property market fears.
Speaking to Aboutproperty.co.uk, chief economist at the Royal Institute of Chartered Surveyors (RICS), Simon Rubinsohn, explained, “Lenders are continuing to tighten up on the conditions accompanying new loans, making it hard for first-time buyers to take advantage of the modest fall in house prices seen over the past few months.” He added that, “The latest weak data on mortgage approvals highlights the continuing problems facing borrowers trying to secure finance to purchase property.”