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UK House Purchases drop 30%

March 28th, 2008 by THE ARTICLES SHOWN ARE FOR INFORMATION ONLY AND DO NOT CONSTITUTE ADVICE OR RECOMMENDATION

 New Mortgage loan  approvals from banks and building societies have dropped by over a third in the last year, totaling £7bn in February, according the latest figures from the BBA.

Overall mortgage lending dropped by 2.9% over the last 12 months, falling to £17.9bn in February.

Net mortgage lending  however strengthened, largly down to an increase in the banks market share as a result of strong remortgaging proposals. Net lending rose by 12% over the year.

The amount of remortgages approved by lenders rose by almost 5% year on year to 72,193 in February 2008, while the number of mortgages for house purchase fell by a third, falling to 43,000.

David Dooks, director at the BBA,said: “In an environment of tightening lending criteria, remortgaging, either to fix, re-fix, or reduce borrowing costs, has been a clear influence on mortgage data in the first two months of this year, resulting in mainstream lenders picking up market share.”

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  1. UK House Purchases drop 30% Says:

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