Bank of England data released today (20/08/2020) show that In May 2020, the number of mortgages being approved fell to their lowest ever recorded levels!
The small print shows however that records only began in 1993 (which was also a time of great recession – remember the negative equity debacle?).
This figure got better in June 2020 but were still nearly half (46% lower) than what they were in just February 2020.
With lenders increasing the deposits that a buyer will need (and most currently sitting at around 15%) it is not likely to change soon – all the more reason to get in touch with your local experts today for INDEPENDENT advice on all things mortgages!