UK Mortgage approvals fall by a whopping 64%

Approvals for house purchases in the UK are 64% lower than a year ago.

The British Bankers’ Association (BBA) have reported that major banks in the UK approved 21,086 mortgages, down from 58,564 in August last year.

Also, approvals for remortgaging a property were down 28% at 47,765.

Experts advise that falling house prices, stricter lending criteria and the uncertainty on stamp duty are the main reasons for the huge drop.

The BBA’s members account for roughly two thirds of the UK mortgage lending.