BSA: Mortgage approvals 'on the slide'

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BSA: Mortgage approvals 'on the slide'

The number of mortgages approved last month dropped from the figures registered in the same month the previous year.

Research carried out by the Building Societies Association (BSA) indicates that approvals from building societies dropped to £3.91 billion in April 2007, compared to £4.25 billion in April 2006.

Adrian Coles, director general of the BSA, said that this represented an eight per cent decrease and was the first year-on-year fall since July 2005.

Mr Coles also said that the lending figures indicated that the four interest rates increases implemented by the Bank of England's monetary policy committee were "beginning to show".

He added: "However, with the reasonably strong economic outlook, we expect lending to remain robust throughout the remainder of the year, although another interest rate rise could dampen growth further."

Against a background of high interest rates and inflation, Mr Coles advised consumers to ensure their finances are able to "withstand any further increase in interest rates".

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