Mortgage approvals have hit a three year low after November saw a fall for the fifth consecutive month. It is the latest sign that the housing market is cooling in the UK, as potential buyers play a waiting game with speculation of further interest cuts rife, whilst the average house price has decreased in recent months.
November saw the overall number of home loans agreed fall to 238,000 – a 26 per cent decrease on the previous year. Meanwhile, the number of mortgages for house purchase fell by an even more dramatic 37 per cent to just 83,000 – the lowest amount for nearly three years.
Having increased the base rate to 5.75 per cent in recent times, the Bank of England recently made a quarter per cent cut in a bid to increase consumer confidence. Further cuts are expected to aid the recovery of markets such as the housing market.
Loan Approvals Hit Three Year Low
Loan Approvals Hit Three Year Low
Fri, 11 Jan 2008
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