"Businesses and households continue to be cautious about their finances in the face of difficult economic times"
- David Dooks, BBA statistics director
Number of approved mortgages in the U.K. fell to a nine-month low, a sign the housing market is struggling. Major banks approved 33.1 thousand mortgages in February, down from 38 thousand in January.
"Businesses and households continue to be cautious about their finances in the face of difficult economic times and this shows up in an reluctance to take on new credit, or where possible, seeking to pay back bank borrowing," said BBA statistics director David Dooks.
"February's drop in mortgage approvals is likely to reflect a combination of factors--the looming end of the stamp duty holiday, weak consumer confidence and, potentially, a more cautious mood among lenders," said Ed Stansfield, chief property economist for Capital Economics.
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