Mortgage approvals down 16 per cent on last year.
The Council of Mortgage Lenders have released figures for February 2015. Its bad news for would-be home-owners as the number of mortgages approved continues to decline (see CML chart below).
The latest figure of 40,600 approvals is 1 per cent lower than January but a whopping 16 per cent lower than Februarys 2014.
First-time buyers are being locked out of the housing market by the lack of affordable finance. They are, of course, being driven into private rented accommodation in large numbers. Surprise surprise – the CML also reports that approvals for buy-to-let morgages has increased by 11 per cent during the past year.
Source: CML http://www.cml.org.uk/cml/media/press/4183