Mortgage Approvals Down Again
October sees a fifth consecutive month of falling approval numbers
25th November 2004
The amount of new mortgage approvals has fallen for the fifth month in a row, with just over 59,000 new loans granted in October.
This represents a decline of around 35% over the previous 12 months.
The fall comes against a background of a weakening housing market and falling demand for credit in general, and is widely seen as further evidence that recent interest rate rises have had the desired effect of cooling booth the housing market and credit boom.
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