30 October 2014
The Intermediary Mortgage Lenders Association says “exceptional circumstances” are impacting the housing market making it impossible to assess what conditions will be like in the long term following the Mortgage Market Review.
Charles Haresnape, the chairman of IMLA, says that with mortgage approvals having hit almost 125,000 back in January - three months before MMR took effect - it was entirely predictable that numbers would fall as mortgage constraints took effect later in the spring.
However, to most observers’ surprise, mortgage approvals reached another peak in July followed by two months of decline. September’s figures, released yesterday by the Bank of England, were particularly severe.
They showed mortgage approvals were at the lowest level since July 2013; just 61,247 were given the go-ahead in September, down from 64,054 in August.
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