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July 22, 2010    

House purchase mortgage approvals slip

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by Gill Montia

In its latest Trends in Lending report, the Bank of England has revealed that approvals for house purchase lending decreased slightly in June, compared to a month earlier.

At the same time, the total amount loaned for house purchases remained unchanged and a little higher than at the start of the year.

Looking forward, most major UK lenders expect gross lending for house purchase to be broadly flat over the second half of 2010, as both house prices and the sales volumes remain level.

However, the Bank’s Credit Conditions Survey, published earlier this month, found that banks and building societies are expecting mortgages to be “less readily available” later this year, as the wholesale money markets tighten.

Lenders also reported that while maximum loan-to-value ratios had increased in the three months to early June, the trend was not expected to continue.

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