Money News
12th August 2008
Mortgage approvals down in June
The number of mortgages approved by UK lenders fell again during June, according to new figures from the Council of Mortgage Lenders (CML).
The CML's latest figures for lending show that just 47,000 home loans were approved over the course of the month.
This compares with 98,000 in June 2007 and 52,000 in May this year.
Also detected was a fall in gross mortgage lending to £23.6 billion, representing a decline of four per cent from May.
Of the loans that were approved, the majority were to borrowers with large deposits, with the average home buyer putting down a deposit of 22 per cent.
Bob Pannell, CML head of research, said: "Mortgage lending activity remains relatively weak and will decline further in the coming months as a result of funding constraints and lower consumer demand.
"The majority of lending continues to be to people with larger deposits, which is prudent for borrowers and lenders in a slowing housing market."
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