Mortgage Bankers Association

With widespread concern about the stability of the property market soaring in recent months, new statistics show that adoption rates for mortgages fell 50 percent compared to March 2008.

According to the British Bankers Association data for every major street banks showed a higher decrease in the availability of mortgages, personal loans have also been reported as a degradation. Total number of loans, including all majorbenches to 5.1 billion pounds, down from 5.5 billion pounds in February. This corresponds to just 35,417 new loans approved during the month, down 18 percent from the previous month. Approvals of consumer credit also fell from 200 million pounds below the 500 million pounds.

The decline in the availability of guides, the entire experience with all types of applications, with the approval of house purchase was at its lowest level since 1997. Further,Almost 50 percent of successful applications by homeowners looking for offers of guaranteed conversion activities, if less of these types of loans that have been successful in preceding months.

Among the months, worth 2.7 billion pounds' new personal loan is approved, a stable number of results in February and the production of 100 million pounds from the last six months on average. BBA said that consumer spending has shown signs of recovery in early 2008, with deposits now on linethe long-term average. In the last quarter of 2007, total deposits of the United Kingdom has fallen to less than one trillion pounds, the figures this month showing a rise of up to three billion pounds, slightly above the trend trajectory.

BBA statistics director David Dooks said the latest data: "The consequences of low liquidity in the banking sector clearly show in March, a reduction in the range of products and more stringent criteria resulted in slower mortgage lending and significantly fewer loan approvals .Pressure on personal finances, forcing the issue, not only for mortgages but also for personal loans and loans on the cards. "

Elsewhere, Simon Rubin said Sohn, a spokesman for the Royal Institution of Chartered Surveyors, the BBC: "The tightening of the credit crisis is still at its toll on the housing agreement … The Bank of England's latest swap''with the banking sector should help provide a little 'more cash for creditors, but is notTo reverse the current challenging environment overnight. "

Bank of England has recently announced a reduction of the types of securities it will accept as collateral in an effort to encourage mortgage loans from suppliers. BBC reported that, even if these measures are successful, it is unlikely that consumers will be able to get mortgages for 100 percent of property value or more, as happened last year. It is expected that a ten percentlien on all requests for loans are likely to be the norm for homeowners. For people struggling to save money for their deposits, personal loans can be of assistance to help the funds necessary for an application.

BBA figures following an announcement by the Bank of England's Monetary Policy Committee earlier this month of its decision to cut the base rate a quarter percentage point to stand at an even five per cent. E 'was the secondrate cut in previous years.