Press Release Summary: The number of mortgage approvals fell to a three-year low in October.
Press Release Body: London (Loans-Bazaar) November 30, 2007: The figures from the Bank of England reveals a sharp slow down in mortgage lending in October. The slow down in mortgage market is a good indicator of the cooling housing market.
Mortgage approvals fell to 88,000 in October from a downwardly revised figure of 100,000 in September. The numbers were the lowest since February 2005. The mortgage lending growth was also far from expectations. In October, it fell to 7.327 billion pounds from a downwardly revised 9.488 billion in September. This was the lowest figure since July 2005.
In a separate development, mortgage lender Nationwide said that home prices in the UK registered their biggest fall in 12 years during the month of November. It is suggested that the cost of an average home fell by 0.8 per cent in comparison to the previous month. Many financial analysts are expecting an immediate cut in the base rate to shore up the economy.
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