Home Loan Approvals Fall To Five-Year Low

Wed, 23 Jul 2008

The UK’s deteriorating housing market suffered a double blow yesterday, with the news of more mortgage misery and further job losses.

Latest figures from the Council of Mortgage Lenders (CML) revealed that the number of home loans approved have fallen by a third in the past year.

Last month's figure of £23.8billion was three per cent down on May and the lowest total for June – normally a red-hot period for sales - since 2003.

Since April, banks and building societies have handed out 21 per cent fewer home loans than in the same three months in 2007, according to the Council of Mortgage Lenders (CML).

Construction company Kier recently added to the woes of the UK property market by becoming the latest house-builder to announce mass job losses.

The firm has been forced to make 350 redundancies following the closure of four of its five regional house-building offices after revealing orders had plummeted.
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