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Drop off in mortgage approvals during January
Mon, 01 Mar 2010
The Bank of England revealed a sharp drop in new mortgage loans during January. The mortgages fell on December figures, and also slipped below analyst expectations. January saw just 48,198 loans approved.

The Bank blamed the fall on the end of the stamp duty holiday, with many rushing to purchase new homes. The stamp duty threshold has now gone back up to £175,000. The threshold was introduced to try and revive the housing market, which at the time was hammered by falling house prices .

The figures are confirmed by the Council of Mortgage Lenders and the British Bankers Association. Furthermore, the house price index from Nationwide Building Societies showed a 1% fall for February. The fall was the first time in ten months that house prices have fallen.

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