RICS: BBA September mortgage approval figures

Commenting on the BBA mortgage approval figures, Simon Rubinsohn, RICS chief economist said: The annual fall in mortgage approvals demonstrates the continuing weakness of the housing market with the lack of mortgage liquidity continuing to restrict activity. The slight month on month rise in September is consistent with the pick-up in new buyer enquiries in the RICS monthly housing market survey indicating that opportunist buyers are still on the look out for bargains. Many first time buyers have been denied access to the market, due to insufficient funds but the government's rescue plan may go someway to kick start mortgage lending. However, as the country teeters on the brink of recession and the employment picture deteriorates, mortgage lending is unlikely to see a recovery in the near term.