STRONG SIGNS of a housing slowdown are now acknowledged at one of the major trade bodies, as the British Bankers Association says the number of new mortgages approved dropped 20% in July from the previous month, says this morning's Scotsman newspaper.
Last year, a similar slowdown occurred but then picked up again, however this time the weakened lending market looks as though it will stay at least a few months. Average value of a mortgage for house purchase is now at £114,100 in July compared with £102,200 a year ago, but only 70,000 loans were approved last month compared with 89,000 in July last year. THE RECENTLY LAUNCHED Islamic Bank of Britain will float on the Alternative Investment Market in the autumn, says the Daily Telegraph. The bank, which is targeting financial services at Britain's 1.8m Muslims and is backed in par...
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