From The Telegraph:
The number of mortgages approved by lenders has fallen by two-thirds over the last year, figures released by a leading banking organisation show. Value of mortgages has hit a 10-year lowThis July, 22,448 new loans for people buying a home were approved during the month, 65 per cent fewer than in July 2007 when 64,184 were recorded. The value of mortgages approved for house purchase hit a 10-year low during the month, at just £3.2 billion, 69 per cent below July 2007’s figure of £10.3 billion, the British Bankers Association said. The total value of all mortgages approved also dropped by seven per cent during the month to £11.8 billion, 44 per cent lower than 12 months ago, and well down on the recent six-month average of £16 billion.Bovis Homes profits tumbleThe mortgage approval figures released by the BBA were similar to those recorded in June this year when 22,369 mortgages were approved. But the dramatic long term fall was another illustration of the ef…
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