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Monday, 27 April 2009

Mortgage Lending Falls

Mortgage lending fell in March, the first such fall in 4 months, denting hopes of a recovery in the property market.

The number of mortgage approvals for purchases fell by 6.8% from February with 26,097 approvals. This figure was 25% down on March 2008.

Gross mortgage lending was down 47% on March 2008, at £8.9bn, the lowest level since April 2001.

According to the BBA, a recovery in the mortgage market is unrealistic in the current economic climate and that we are not yet at the bottom of the market for house price falls.

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