Mortgage approvals 'falling'
www.moneynews.co.uk > Mortgages > Mortgage approvals 'falling'
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Mortgage approvals 'falling'
Mon 2nd Jun 2008
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The continued effects of the credit crunch saw mortgage approvals in April down eight per cent from March to just 58,000. This is nearly half the level of lending that was approved in April 2007.
Also, the statistics show the growth rate has slowed to 8.4 per cent, down from 9.1 per cent at the beginning of the year.
It is the 12th consecutive month that the number of loans approved has fallen. The amount of money offered to borrowers has also declined monthly since April 2007.
Remortgaging continues to be popular however, with April figures of 106,000 up on March's 98,000.
Commenting on the Bank of England figures, Simon Rubinsohn, chief economist at the Royal Institution of Chartered Surveyors (Rics), said: "This highlights very clearly the real problem facing not just the property market but also the wider economy."
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