Mortgage approvals sink

fell to their lowest level since records began, down 28 per cent for May figures. Mortgage approvals have been dropping steadily for the last 13 months. Compared to May 2007 figures, mortgage approvals are down 64 per cent. During May, the Bank reported, just 42,000 mortgage loans were approved. This figure compares to 58,000 in April and 63,000 in March. Remortgage lending, which makes up the bulk of mortgage loans, also dropped by some 10 per cent during April. Mortgage expert Howard Archer, of Global Insight, was reported as commenting: "The Bank of England mortgage approvals data add to the plethora of data and survey evidence showing housing market activity being squeezed by stretched affordability... [read full story]