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Mortgage approvals are to remain static?

July 8th, 2010

mortgageMortgage approvals are likely to remain static between now and the end of the year, according to one expert.

Timothy Lambert, head of consulting at Ducalian, said the number of deals at the start of this year was high, but will drop towards the end of 2010.

He noted rising unemployment and job uncertainty are the reasons why there has been a decrease in the amount of home loans given the green light.

The specialist’s comments follow the release of figures from the Bank of England, which revealed the number of loans given the go-ahead for house purchases in May was 49,815, compared with 49,828 in April.

“This is unsurprising for a number of reasons and we need to also differentiate between those buying now for personal homes and those buying as buy-to-let investments,” Mr Lambert remarked.

According to the figures, the number of advances approved in May stood at £1,571 million, which was slightly lower than April’s figure of £1,527 million.

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