Mortgage approvals decrease

01-Sep-2008

Mortgage approvals in the UK fell 70 per cent to a record low in July, say reports from the Bank of England.

This marks the twelfth consecutive month in which rates have fallen, making it harder for first-time buyers to get their foot on the property ladder.

Approvals - which indicate the future movements in house prices - fell a further 2,000 from the previous month, hitting 33,000.

In July last year, approvals were at 114,000.

Figures from the Bank show mortgage lending rose by £3.2 billion in July, a third of the increase seen in the same month in 2007.

"Activity in the housing market continues to be depressed, and the approvals figures suggest this is likely to continue for some time," Adrian Coles, a spokesman for the Building Societies Association told the BBC.


The Royal Institution of Chartered Surveyors has also released research showing that housing sales are now at a 30-year low.


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