Mortgage approvals down 65% year-on-year

The number of mortgages approved for house purchase in July was almost two-thirds lower than a year ago, figures show.

During the month, around 22,448 new loans were approved for people moving home, 65 per cent fewer than in July 2007 but broadly unchanged from June.

The British Bankers' Association said net mortgage lending, which strips out redemptions and repayments, also levelled out at £4.3 billion, also unchanged since June.

© Independent Television News Limited 2008. All rights reserved.

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