Mortgage approvals close to record low

Just published figures from the British Bankers' Association show mortgage approvals in November just above October's record low. And still more than 40% down on a year earlier.

The industry body said there were 44,811 mortgage approvals for house purchase last month, up from 44,321 in October, but 43.5% lower than the same month a year earlier.

Meanwhile, net underlying mortgage lending continued to ease, posting a rise of £4.3 billion - down from the £4.8 billion increase seen in October and significantly below the six-month running average of £5.5 billion.

27 December 2007 © Moneyextra.com

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