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Mortgage approvals decline in July

The number of mortgage approvals for house purchases declined in July, according to figures released by the British Bankers' Association (BBA).

There were 33,698 mortgages approved for house purchases in July, down by 877 from the previous month. This is the second month in succession that mortgage approvals have fallen.

Gross mortgage lending by the major banks was slightly below the average of the last six months, at £8.4bn in July.

"Gross mortgage lending remains stable, although demand for mortgages continues to be subdued. The greater availability of properties for sale and slowing house price growth have not yet fed through to increased house purchase approvals," said BBA statistics director David Dooks.

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Post Date: August 24th, 2010