The UK mortgage market continued its summer slide with a fall in the number of new home loans approved by High Street banks. There were 33,698 mortgages approved for house purchases in July, down by 877 from June according to the British Bankers' Association (BBA). This was the second monthly fall in a row, and compared with the high of 45,415 home loan approvals in December.
"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.
Since a pick-up in the housing market at the end of 2009, brought about by buyers getting in ahead of the end of the stamp duty holiday, the housing market has stabilised.
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