(RTTNews) - Monday, a report released by the Building Societies Association, or BSA showed that the mortgage approvals in the UK declined in July from the previous year.

Net lending by building societies was minus 79 million pounds in July compared with 506 million pounds in the previous year. Approvals were valued at 2,511 million pounds, down from 3,928 million pounds in the year ago period. Gross lending also declined to 3,300 million pounds in July from 4,417 million pounds in the preceding year.

Commenting on the mortgage market, Adrian Coles, Director-General of the BSA said “Activity in the housing market continues to be depressed, and the approvals figures suggest this is likely to continue for some time. Recent falls in house prices have been widely publicized, reducing potential buyers’ confidence and keeping them out of the market.”

Further, the BSA said net receipts of societies increased to 1.43 billion pounds from 723 million pounds.

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