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.
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