/24-7PressRelease/ - LONDON, UK, January 07, 2008 - The number of mortgage approvals in November increased slightly above the record low level registered in October. However, the November figures are still 43.5 per cent lower than the figures registered in the same month a year earlier.
In November, the total mortgage approvals reached 44,811, up from 44,321 in October. The net underlying mortgage lending also registered a drop, posting a rise of 4.3 billion pounds in the month of November, down from a 4.8 billion increase in October. The rise in November was again below the previous six-month average rise of 5.5 billion pounds.
The drop in the number of mortgages indicates that the UK housing market is going through a sluggish phase. Howard Archer, an economist at Global Insight, said: "Housing market activity is now slowing markedly in the face of stretched affordability as well as the tightening lending practises resulting from the credit crunch."
The credit crunch has affected the borrowing cost in the market. People aspiring to step on to the property ladder are finding it very difficult amid high borrowing costs and increased house prices. The secured loans and mortgages have become costlier since the credit crunch hit the UK financial markets a few months back.
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