Mortgage approvals 'not likely to change'

01 July 2010

Written by Steve Olejnik

Mortgage approvals are likely to remain unchanged or dip slightly throughout the rest of 2010, one expert has said.

The Bank of England (BoE) recently released statistics on UK lending that showed the number of home loan approvals in May was 49,815 - slightly lower than April's figure.

Timothy Lambert, head of consulting at Ducalian, commented that the results were in line with expectations.

"We believed that the rate of mortgage approvals were high for the start of this year and forecast that they would drop and possibly remain static throughout the remainder of 2010," he explained.

Mr Lambert also noted that economic uncertainty, increasing unemployment and the depth of the budget deficit will be affecting the pace of home loan authorisations.

According to the BoE, the number of mortgage approvals in May was 49,815, down from 49,828 in April and lower than the average for the past six months of 51,856.

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