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Mortgage approvals fall further
Tue, 02 Sep 2008
According to the Bank of England, the number of mortgage approvals in July was at the lowest level since 1993. The mortgage figures fell 2,000 on June, down 114,000 on the same month last year.

The Bank highlighted the fact that mortgage approvals have now fallen for the 12th month in a row, and are down 71 per cent on figures from last year. The stats are the lowest since records began in 1993, reflecting cautious mortgage lending in response to credit crunch fears.

House prices, already down 10 per cent in a year, are also likely to fall further, the bank said. The chief UK and European economist at Global Insight, Howard Archer, reportedly commented: "The very weak Bank of England mortgage data shows that housing market activity continues to be throttled by stretched affordability and ongoing very tight lending conditions."

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