Monday September 1, 10:05 AM
New Mortgages At Record Low Level
By Sky News
The number of mortgage approvals sank to a new record low of 33,000 in July, the Bank of England has said. This was 2,000 fewer than in June, and down from 114,000 in July last year, according to the Bank.
Approvals have now fallen for
the 12th straight month and are 71% down on a year ago.
Announcing the news, the Bank pointed to further sharp falls in house prices in the coming months.
The weaker than anticipated figures are likely to add to expectations that interest rates could fall before the end of the year as the property slump is being felt across the economy.
Mortgage lending rose by £3.231bn in July, slightly stronger than expected but about a third of the increase seen in the same month last year.
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