November 25, 2004

Mortgage approvals continue to fall

by brian_turner

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The housing market continues to show signs that the brakes are not simply on, but the market is going into reverse. Mortgage approvals continues to fall, suggesting the sellers market is finally reorientating into a buyers market. With prices in London already on the down, it can only force the rest of the UK market down, like a trampoline boune in slow motion: Sharp fall in mortgage approvals

The number of mortgages approved by banks fell for the fifth month in a row in October, figures have shown.

According to the British Bankers’ Association (BBA), 59,011 property loans were granted last month.

The figure represents a 35% fall from the 90,718 new loans approved in October last year.

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