Mortgage Approvals Lowest for a Decade
New mortgage approvals fall to levels not seen since the mid-90s
6th January 2004
The number of new mortgage approvals has fallen to its lowest level for nearly a decade, in what's being taken as a further sign of a housing slowdown.
Figures from the Bank of England show that 77,000 new mortgages were approved in November, down from 85,000 in October, which is thelowest number since September 1995.
Analysts expect that the figures will add strength to the argument that interest rates should not rise any further.
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