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Mortgage approvals slump to 20-month low.
(From Guardian Unlimited)
Mortgage approvals for house purchases sank to a 20-month low in November, while net mortgage lending was just GBP1.5bn -- the lowest level since August 1999, according to British Bankers' Association (BBA) figures published today.
Just 29,991 mortgages were approved compared to 30,689 in October and a three-year peak of 45,740 in December last year. November's mortgage approval data represents a 31.7% year-on-year drop and is about half the average monthly level of 58,513 seen since 1997.
Gross mortgage lending of GBP7.8bn in November was 13.5% lower than a year ago, while the net lending figure of GBP1.5bn is 56% down on the …
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