New report from the BBA shows decrease in mortgages in August.
Published: 26th September 2016
New report out from the British Bankers Association has shown that the number of people taking out mortgages for property purchases in the UK fell to the lowest level in 19 months in August. In total, 36,997 purchasers had their mortgages approved according to the BBA. The figure represent a 20% drop in mortgages in comparison with the same period in 2015, and is the lowest figure since January 2015.
Rebecca Harding, Chief Economist at the British Bankers Association said "Mortgage borrowing is growing at a slower pace than it has done for the past few months reflecting both the slowdown in housing market growth after the April spike and broader trends in the sector". Following the Chancellor of the Exchequer's confirmation of stamp duty changes, April saw an increase in activity as people rushed to purchase a property in the UK before the increased stamp duties came in.