On Monday, the British Bankers Association said that mortgage approvals in the month of March have fallen, both month-to-month and year-over-year.
The number of mortgages approved fell to 26,097 last month from 28,024 in February, and were 25.3% lower than March 2008. The total was lower than many analysts had expected.
This just goes to emphasize that the recession continues to be a global issue and continues to affect the housing market, and not just in the U.S.
Approvals hit a record low of 17,574 in November but had recovered steadily at the start of the year.
David Dooks, BBA statistics director said:
"The banks' figures also show it would be unrealistic to expect the mortgage market to recover in a steady and consistent way in the current economic environment."
Howard Archer, chief UK economist at IHS Global Insight said:
"The relapse in the BBA mortgage data for March highlight the fact that the most likely scenario is that the pick up in housing market activity will be both gradual and prone to relapses. The overall evidence is that housing market activity is still very weak by past norms."
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