Property news
Mortgage lending slows
The housing boom could at last be showing signs of a slowdown. Latest figures released from the Bank of England show that mortgage approvals – loans agreed but not yet made – fell to 113,000 in March from 118,000 in February and is at its lowest since April of last year.
Commenting the Bank of England's mortgage lending numbers, David Stubbs, RICS senior economist, said, ‘The figures again emphasize that the UK housing market is cooling in response to the interest rates increases since last August. The level of mortgage approvals is now 13 per cent down on their peak in November and we expect them to fall further in coming months. Given this reduction in housing demand and activity, it is only a matter of time before price rises also slow.’
09/05/2007
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