> News > Home loans hits all time 14 year low

Home loans hits all time 14 year low

23/12/08

According to the British Bankers association mortgage approvals has hit a 14 year low in November 2009. 

Market conditions and economic pressure including government initiatives are all factors that have contributed towards the decline with buyers detracted from buying due to customer confidence and lenders holding back their cards and not passing on the savings.  With interest rates at its lowest since 1951 the global financial crisis continues and employment pressures remain in the limelight.

With stats like a 0.6 per cent economy shrinkage and house purchases loans granted falling by 61 per cent to 17,773 highlights the severity of the mortgage approval market.  David Dooks from the British Bankers association said “With house prices still falling, the encouragement of lower costs had not filtered through by the month-end. He also added “People remain concerned about the impacts of the rapidly slowing economy on their personal finances.”