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Mortgage approvals fall in June

Mortgage approvals fall in June

Category: Mortgages

Updated: 24/07/2012
First Published: 24/07/2012

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

The number of mortgages approved by banks fell last month by 20.5%, compared to June 2011.

Last month's public holidays and bad weather are thought to be the main reasons for the decline which saw 26,269 mortgages approved, down 11% from May.

According to the British Bankers' Association, mortgage lending was also down to £7.2 billion, below its six month average, a true reflection of the subdued housing market.

Fewer consumers are borrowing via loans, overdrafts and credit cards. New spending on credit cards was also below its six month average. Demand for these products was low, suggesting consumers are focused on repaying their existing debts rather looking to borrow more.

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