Mortgage approvals continue downward spiral

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Mortgage approvals in April fell for the fourth consecutive month this year to 58,000, according to the Bank of England.

April’s figure is 5,000 lower than in March and 17,000 lower than the previous six month average, the BoE says. The total value of net lending secured on property increased by £6.4bn in April, again marking the fourth consecutive month in which this figure has fallen. Although the number of mortgage approvals for house purchases was down, the number of remortgage approvals increased from 98,000 to 106,000 in April, amounting to a £14.1bn increase in value since March. Simon Rubinsohn, chief economist at RICS, says mortgage approvals had roughly halved since this time last year. “This hi...

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