Menu
25/11/2008
Mortgage Approvals Fall By 52%
Mortgage lending has fallen again over the 12 months to October, according to latest figures released from the British Bankers Association (BBA).
The number of mortgages approved for house purchases was down to 21,584 - 52% lower than a year earlier.
Meanwhile net lending for mortgages rose by £2.9 billion last month, compared with £3.5bn in September and the previous six-month average of £3.9bn.
"Comparison of current lending levels with last year is obscured by the very different economic conditions that exist now, reflecting a much reduced appetite for borrowing," said David Dooks, BBA statistics director.
"Mortgage approvals remained low, consumer credit was subdued and people used their deposits to fund spending in October," he added.
The figures were announced just a day after a warning about the state of the mortgage market, detailed in a report by former HBOS chief executive Sir James Crosby.
He said: "Therefore I believe that new net mortgage lending is likely to fall below zero in 2009, with only a modest recovery likely in 2010."
In the Crosby report - a commentary into mortgage financing - Sir James suggested repayments and redemptions would outstrip lending during the year.
Sir James, is also calling for a temporary guarantee with taxpayers' money of new mortgage-backed securities - the packages of home loans sold on by banks to investors to fund fresh lending.
Melanie Bien, director of mortgage broker Savills Private Finance said she was not surprised by Sir James' prediction.
She said: "It is inevitable but it will be a temporary situation. It is the pain we have to go through to reach the bottom before starting to come back up again."
(JM)
The number of mortgages approved for house purchases was down to 21,584 - 52% lower than a year earlier.
Meanwhile net lending for mortgages rose by £2.9 billion last month, compared with £3.5bn in September and the previous six-month average of £3.9bn.
"Comparison of current lending levels with last year is obscured by the very different economic conditions that exist now, reflecting a much reduced appetite for borrowing," said David Dooks, BBA statistics director.
"Mortgage approvals remained low, consumer credit was subdued and people used their deposits to fund spending in October," he added.
The figures were announced just a day after a warning about the state of the mortgage market, detailed in a report by former HBOS chief executive Sir James Crosby.
He said: "Therefore I believe that new net mortgage lending is likely to fall below zero in 2009, with only a modest recovery likely in 2010."
In the Crosby report - a commentary into mortgage financing - Sir James suggested repayments and redemptions would outstrip lending during the year.
Sir James, is also calling for a temporary guarantee with taxpayers' money of new mortgage-backed securities - the packages of home loans sold on by banks to investors to fund fresh lending.
Melanie Bien, director of mortgage broker Savills Private Finance said she was not surprised by Sir James' prediction.
She said: "It is inevitable but it will be a temporary situation. It is the pain we have to go through to reach the bottom before starting to come back up again."
(JM)
Related UK National News Stories
Click here for the latest headlines.
20 June 2011
Mortgage Lending Boosted
Gross mortgage lending totalled an estimated £11.3 billion in May, according to new data from the Council of Mortgage Lenders (CML). This represented a 12% increase from the £10.1 billion lent in April and was 1% higher than in May 2010. Gross mortgage lending includes lending for both house purchase and remortgage.
Mortgage Lending Boosted
Gross mortgage lending totalled an estimated £11.3 billion in May, according to new data from the Council of Mortgage Lenders (CML). This represented a 12% increase from the £10.1 billion lent in April and was 1% higher than in May 2010. Gross mortgage lending includes lending for both house purchase and remortgage.
20 August 2014
Mortgage Lending At Six Year High - CML
Mortgage lending has hit a six year high with £19.1 billion being lent in July, an increase of 7% from the previous month and a 15% rise from July last year.
Mortgage Lending At Six Year High - CML
Mortgage lending has hit a six year high with £19.1 billion being lent in July, an increase of 7% from the previous month and a 15% rise from July last year.
20 June 2006
May mortgage lending 'second highest on record'
Gross mortgage lending reached £28.7 billion in May - the second-highest monthly figure on record - according to the Council of Mortgage Lenders. Lending was 18% higher than in April and nearly 30% higher than in May last year. The CML said that it was the strongest May figure on record and only 0.5% below the record for a single month - £28.
May mortgage lending 'second highest on record'
Gross mortgage lending reached £28.7 billion in May - the second-highest monthly figure on record - according to the Council of Mortgage Lenders. Lending was 18% higher than in April and nearly 30% higher than in May last year. The CML said that it was the strongest May figure on record and only 0.5% below the record for a single month - £28.
20 June 2013
Unexpected Surge In Mortgage Lending In May
The UK mortgage market has seen an unexpected boost, hitting its highest level in almost five years. In May mortgage lending stood at £14.7 billion, a 21% increase on April and a 17% increase on May last year, according to figures from the Council of Mortgage Lenders (CML).
Unexpected Surge In Mortgage Lending In May
The UK mortgage market has seen an unexpected boost, hitting its highest level in almost five years. In May mortgage lending stood at £14.7 billion, a 21% increase on April and a 17% increase on May last year, according to figures from the Council of Mortgage Lenders (CML).
08 April 2011
Downbeat Mortgage Lending 'Creeping Up'
Mortgage lending across the UK increased slightly in February after a particularly downbeat January, according to new figures from the Council of Mortgage Lenders (CML). There were 32,300 loans for house purchase, worth £4.6 billion, up 8% by volume and 5% by value from January, but down 12% (by volume and value) from February 2010.
Downbeat Mortgage Lending 'Creeping Up'
Mortgage lending across the UK increased slightly in February after a particularly downbeat January, according to new figures from the Council of Mortgage Lenders (CML). There were 32,300 loans for house purchase, worth £4.6 billion, up 8% by volume and 5% by value from January, but down 12% (by volume and value) from February 2010.
-
Northern Ireland WeatherToday:It will be cloudy again throughout the day. Mainly dry in the morning, but patchy drizzle in places, becoming more widespread and persistent in the afternoon. Freshening southwesterly winds. Maximum temperature 12 °C.Tonight:Cloudy with a spell of heavy rain pushing south through late evening and the early hours, followed by some clear spells. Minimum temperature 6 °C.
