The number of mortgage approvals has fallen for the third month in a row down to just 107,000, leading parts of the industry to suggest the housing market is about to turn.
Latest figures from the Bank of England show – on a seasonally adjusted basis – the total number of mortgage approvals has slipped from 118,000 in January to 107,000 in April. In addition, it shows net lending increased at its lowest level since September with a rise of £8.9bn, down from just over £10bn in February and £9.4bn in March, suggesting the demand from homebuyers is also slowing. Gary Styles, strategy, risk and economics director at Hometrack, says the latest data from the Bank provides further support for its view that the housing market is at a turning point. He says: “We ...
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