Harder to get mortgage approval

It has been revealed by the Bank of England that June saw an unexpectedly significant decrease in the number of mortgage approvals, which gives grounds to believe that till the end of the current year the housing market will be subdued.

The recent data shows that mortgage approvals experienced a drop to 47,643 from 49,461 in May, whereas the last half-year average figure was about 50,000.

If compared to the average November figure (60,000), the June decrease in the number of mortgage approvals looks even more substantial. 

Thus, the recent figures announced by the Bank of England show the slow activity of the UK housing market in progress.


The cultural transformations that have made people accept life in debt have had a direct impact on the approach youngsters take to money matters, which could lead to negative consequences in the long run as many of the next generation would resort to IVAs to cope with serious financial issues.

When we put efforts into our work and get paid for this, we get an amazing feeling of satisfaction. Our hard hard work seems to have been remunerated financially. We go shopping and buy the items we need and the items we simply want.