Significant declines in June mortgage approvals reported by Bank of England

In contrast to the Building Society Association figures showing that mutuals increased their mortgage advances in June by 11% The Bank of England monthly statistical release for June 2010 shows that mortgage approvals for June were 97,441 compared to 99,798 for May.  This shows a continuing downward trend that has now been ongoing for over a quarter.
House purchase approvals were 47,643 significantly below the 6 month average of 50,036
Remortgages also fell from 25,603 in May to 24,949 in June.  The remortgage figures were also below the 6 month average of 26366.
The figures were seasonally adjusted.
Conveyancers continue to face a challenging Summer with falling volumes in key markets, panel reductions, and the contentions of the professional indemnity renewal season for conveyancers.
Do NOT follow this link or you will be banned from the site!