Bank of England reveals approvals dropped to lowest ever level in July

Mortgage approvals in the UK fell 71% in the year to July and are at their lowest level since records began, the Bank of England said yesterday.

Approvals dropped to 33,000 in July from 35,000 in June, as banks tightened lending criteria and confidence in the market dropped.

The number of householders remortgaging also fell 14% from June to July, with just 69,000 approvals.

Similar figures from the British Bankers' Association out last week indicated mortgage approvals had fallen 65% in the year to July.

The news comes as the government launches a package of measures designed to re-invigorate the ailing housing market and boost support for the prime minister.

Topics