LONDON (MNI) – March mortgage approvals fell markedly in March,
hitting their lowest level since May last year, according to the latest
British Bankers’ Association data.
The forward looking approvals data show weakening demand for
mortgage with the stamp duty, or property transaction tax, holiday
ending during the month. The number of approvals for house purchases in
March fell to 31,888 from 32,840 in February, the lowest outturn since
the 31,152 recorded last May.
The value of loans approved in March fell to Stg4.936 billion from
Stg5.084 billion in February, the lowest reading since last September.
The BBA noted gross mortgage lending, at Stg8.3 billion in March,
was still 6.1% up on the year earlier and in line with the recent six
month average.
The weakness is more apparent in the forward looking approvals
data.
–London Bureau; Tel: +44207862 7491; email: drobinson@marketnews.com
[TOPICS: MABDS$,M$B$$$]
