BSA: Mortgage market 'cooling'

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BSA: Mortgage market 'cooling'

Interest rate rises are starting to "take the heat out of the mortgage market", the Building Societies Association (BSA) has commented.

Net advances to individuals amounted to £1.26 billion in May 2007, compared to £1.52 billion in May 2006.

According to Adrian Coles, director general of the BSA, approvals for loans agreed but not yet made were down year-on-year by 13 per cent, which provided a good indication of the way in which the market was heading.

Mr Coles said: "There is likely to be more subdued lending as the year progresses and the rate rises continue to feed through."

He added: "However, a reasonably strong economic outlook, especially continuing robust employment, should provide support to lending and property prices."

The BSA also identified how the four quarter point interest rate rises the Bank of England had implemented since August 2006 had provided "sunnier news" for some savers.

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