<\/p>\n
Mortgage approvals by the UK’s biggest banks fell slightly in January, said the British Bankers’ Association (BBA).<\/span><\/strong> <\/span><\/p>\n The number of mortgages approved for house purchase last month was 44,804, a fall of some 1% from the figures from 12 months previous<\/span><\/p>\n The BBA spokesman said that despite the recent rises in interest rates, lending had not yet begun to subside. <\/span><\/p>\n A week earlier, the Council of Mortgage Lenders said January had produced record levels of lending. <\/span><\/p>\n “January saw a continued stable demand for mortgages,” said David Dooks of the BBA. <\/span><\/p>\n “Actual borrowing on mortgages remains strong compared with this time last year, so the impact of higher interest rates has yet to feature.” <\/span><\/p>\n Potential Slowdown?<\/span><\/strong><\/p>\n Some reports have suggested of an impending slow down in the housing market, are these more unfounded rumours? <\/span><\/p>\n The three quarter-point increases in interest rates since last summer should, most economists believe, inevitably slow down the property market in due course. <\/span><\/p>\n “It was notable that underlying mortgage approvals were down by around 1% year-on-year in number in January,” said Howard Archer of Global Insight. <\/span><\/p>\n “This was the second successive month that approvals were down year-on-year, and contrasts with the substantial year-on-year increases seen through much of 2006.” <\/span><\/p>\n Other recent indications of an impending slowdown have come from the Royal Institution of Chartered Surveyors. <\/span><\/p>\n Its regular surveys over the past few months have noted a decline \u00c2\u00a0in the number of enquiries being made by new buyers. <\/span><\/p>\n The mortgage approval figures from the BBA cover about half the mortgages lent in the UK.<\/p>\n","protected":false},"excerpt":{"rendered":" Mortgage approvals by the UK’s biggest banks fell slightly in January, said the British Bankers’ Association (BBA). The number of<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_container_layout":"default_layout","colormag_page_sidebar_layout":"default_layout","footnotes":""},"categories":[23],"tags":[],"class_list":["post-60","post","type-post","status-publish","format-standard","hentry","category-house-market"],"_links":{"self":[{"href":"https:\/\/the-finance-zone.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/60","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/the-finance-zone.co.uk\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/the-finance-zone.co.uk\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/the-finance-zone.co.uk\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/the-finance-zone.co.uk\/index.php\/wp-json\/wp\/v2\/comments?post=60"}],"version-history":[{"count":0,"href":"https:\/\/the-finance-zone.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/60\/revisions"}],"wp:attachment":[{"href":"https:\/\/the-finance-zone.co.uk\/index.php\/wp-json\/wp\/v2\/media?parent=60"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/the-finance-zone.co.uk\/index.php\/wp-json\/wp\/v2\/categories?post=60"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/the-finance-zone.co.uk\/index.php\/wp-json\/wp\/v2\/tags?post=60"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}