Mortgage approvals drop
During the month of June, there was a substantial decrease in the number of mortgages approved. When you couple this to the decrease in house prices in July highlighted by the Nationwide House Price Index, it looks as though there is a ‘dip’ within the UK housing market. The July property prices showed a 0.5% decrease, making the average property value £169,347.
Throughout the spring there was in increase in the number of mortgages being approved, but there is now a decrease. The Bank of England’s figures showed a 3.7% decrease in June, with the total number of approved mortgages standing at 47,643.
Natiowide’s Mr Gahbaur said:
“A combination of restrictive credit conditions and uncertainty about the future economic outlook continues to limit the pool of buyers to those with relatively large financial resources,” he said.
“Many potential buyers still lack the confidence to purchase their first home or trade up when faced with uncertainty over future income and employment prospects.”
We will all have to wait to see what the July mortgage approval figures reveal.
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