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Feb mortgage approvals fall by 3.5%
11 March 2008
Signs that the availability of credit is tightening and that British homebuyers are becoming increasingly nervous have emerged in the latest figures on mortgage lending approvals.
Latest figures by Connells Survey & Valuation show that lending approvals fell down 3.5 per cent to 71,400, down from January's 74,000 figure.
Ten out of the last 12 months figures have shown a decline in mortgage approvals, with the overall 12 month figure shows a decline of 40.5 per cent.
Ross Bowen, managing director of Connells Survey & Valuation, said that the slowdown reflected overall concerns about the state of the financial markets.
"February's fall in mortgage approvals is not as dramatic as the fourth quarter of last year, but it does reflect both reduced appetite for borrowing and a tighter supply of lending from mortgage providers," he commented.
Mr Bowen added: "We are seeing stronger demand for remortgage business than for new mortgages... but first-time buyers and those with a poorer credit history are struggling to find lenders who can help them."
