The value of mortgage approvals for house purchases fell in June, according to new data from the BBA.
Mortgage lending from the main high street banking groups fell in June, new data from the British Bankers鈥� Association (BBA) has revealed today.
The value of mortgage approvals for house purchases fell to 拢5.1bn in June. This represents a 拢300m fall from May鈥檚 above average 拢5.4bn worth of lending.
The average monthly value of mortgage approvals for house purchases in the last six months was 拢5.3bn.
The main high street banks account for almost two-thirds of mortgage lending in the UK.
The abolition of Home Information Packs is expected to bring more properties onto the market, but the June BBA data suggests there are rough times ahead for the housing market.
David Dooks, BBA鈥檚 statistics director, said: 鈥淭he abolition of HIPs and a reported increase in the number of house sellers is expected to encourage activity in the market, though this may be tempered by households鈥� uncertainty over job prospects and the impacts of fiscal tightening.鈥�
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