U.K. home mortgage approvals at low point

Published: Nov. 23, 2007 at 1:37 PM

LONDON, Nov. 23 (UPI) -- Mortgage approvals for British home buyers fell to a record low last month, a report from the British Bankers' Association said.

Observers called it a further sign that Britain's property boom was slowing, the London Telegraph said Friday.

The BBA announced that the number of approvals tumbled 37 percent during October to 44,105, compared to 53,997 the previous month. It was the third consecutive month that approvals dropped.

Meanwhile, the Kensington Group, the United Kingdom's first sub-prime lender, stopped offering mortgages to borrowers with poor credit histories.

Third quarter gross domestic product figures indicated slower growth in British economy than had been expected. The Office for National Statistics said the economy grew by 0.7 percent in the quarter, below the previous estimate of 0.8 percent.

© 2007 United Press International, Inc. All Rights Reserved.
Order reprints



Additional News Stories
UPI NewsTrack Business (60 min)
New terms reached in Google book suit
4 jailed in online bank customer scam
Climate change killing sea turtles
Shrimpers, processors do battle
Woods in tie for Australian Masters lead
Bourdy alone at top at Hong Kong Open
fark
Career-limiting move of the day: While forwarding himself a copy of a "White Pride" email he wants...
You think you've got a tough job? Imagine being the veterinarian who has to help an elephant lose...
Art caskets: Because nothing symbolizes death with dignity more than being laid out in a "Return...
Cardboard cut-outs of police placed in stores to scare would-be thieves. Drunk decides to take one...
"I saw UFO beam up a buffalo"
69-year-old goes online, finds an actual 13-year-old girl... who then gives her login info to the...