UK: Mortgage approvals 'at new low'

UK mortgage lending by the major banks fell to a record low in August, with approvals for house purchases 64% lower than a year ago.

The British Bankers' Association (BBA) said that 21,086 mortgages had been approved for house purchases, down from 58,564 in August last year.

The BBA said that falling property prices and the state of the economy would continue to have an impact.