A sudden drop in mortgage approvals recorded by building societies has sparked fears that the long-awaited correction in the housing market is about to begin, reports The Times.
The value of new approvals by members of the Building Societies Association (BSA) fell to £3.9 billion in April, its weakest level for nearly two years. The fall from March’s figure of £4.6 billion was the sharpest drop since September 2004. Mortgage approvals are widely seen as a pointer to the next step in house prices, and the data yesterday was the clearest sign yet that the Bank of England’s four interest-rate rises since August are taking their toll on homeowners. A HUGE SHIFT IN global capital flows is forecast after the Chinese government's acquisition of a $3bn (£1.5bn) stake in ...
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