Home Loans Approvals Fall by 2% in September – BBA

The statistics published on Monday, October 25th by the British Bankers Association suggests that the number of approvals for home loans dropped to 31,104 in September 2010. This is down from 31,781 in August of this year and below the 6-months' average.

The average value of home loans also fell to £142,900, which is £600 lower than in August 2010.

Commenting on the findings revealed by the BBA, Mr. Clarke of the Council of Mortgage Lenders said that UK market of home loans is unlikely to show any improvement in the coming months.

The figures released by the British Bankers Association are broadly in line with those published earlier by the CML itself. Both reports suggest mortgages as well as remortgages are only available to low risk bank customers, which fact means that there will be no "significant recovery in mortgage lending throughout the rest of this year."

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