House purchase mortgage approvals fall to 33,000
by Gill Montia
Latest figures from the Bank of England show the number of mortgages approved for house purchases falling in July, to the lowest level since comparable records began, in 1999.
The month saw the number of loans for house movers decline to 33,000, down from 35,000 in June and 71% below July 2007 levels.
The figure compares with an average of 55,000 over the six months prior to July.
Taking a three month average, house purchase mortgages plummeted from £7.5 billion in value in the three months to the end of April, to just £4.3 billion in the three months to the end of July.
The number of remortgages also declined in July, to 69,000, compared with 80,000 in June. The figure compares with an average of 96,000 for the six months to the end of June.
As the UK housing market looks set to continue a determined downturn, the Royal Institution of Chartered Surveyors (Rics) has called upon the Government to introduce measures to kick-start the market.
It initially wants to see the Bank of England back lenders by guaranteeing the issue of new mortgage-backed securities.
Rics is also suggesting a review of stamp duty and Home Information Packs.
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