Tentative signs of a recovery in the housing market suffered a setback as mortgage approvals for home purchases fell last month for the first time since November.
Mortgage approvals in March fell by 7% to 26,097 from 28,024 the previous month, after rising from a record low of 17,895 in November, the British Bankers’ Association reported.
Approvals are now 25% lower than a year ago and 67% lower than the peak in November 2006, as the mortgage lending market has been hit by the financial crisis and declining demand for homes.
Financial Times, The Times
No comments yet