7,500 bank and building society branches closed since 1989
Approximately 40% of the UK's high street bank and building societies have closed since 1989, according to the findings of a new report.
A study by Nottingham University shows that nearly 7,500 high street bank and building society branches closed between 1989 and 2012. That equates to a 40% drop.
Royal Bank of Scotland, which includes Nat West, has closed 60 branches this year and Santander has closed 45. This week, HSBC announced that five rural branches will close, followed by a further 20 closures expected by October.
With branches continuing to close and mortgage advice becoming less readily available more mortgage applications are likely to go through brokers. The Association of Mortgage Intermediaries predicts that up to 70% of all mortgage applications will go through brokers over the next five years.
August 23, 2013
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