The number of mortgage approvals for house purchases edged up marginally in June, but has dropped sharply since the start of the year because of stricter lending policies and a fall in demand.
While approvals rose 3.3pc from May, and 14pc year-on-year to 43,265, they are down from a highs of 48,550 in January, according to the latest figures from the British Bankers’ Association (BBA).
More dramatically, the annual growth rate of mortgage approvals has been plummeting since the start of the year, when major lenders started to introduce more stringent borrowing requirements in preparation for April’s Mortgage Market Review (MMR). In January the number of approvals were rising 57pc year-on-year. This dropped to 24pc in April, before sliding to 13pc in May and 14pc in June, as shown in the graph below.
via UK mortgage lending falls in six months as stricter rules bite – Telegraph.
