Saturday, 5 November 2011


New mortgage approvals fell in September, for the first time in five months.

The number of approved but not yet lent mortgages was down 3% from August, standing at 50,967, according to the Bank of England. Completed sales also fell for the second month in a row, to 72,000.

These figures not only seem to indicate a halt to the recent small upsurge in sales, but also a further decline in the months to come. These findings are discouraging for those hoping for a significant step up in housing market activity.

Many predict that in the face of a weak economy, low consumer confidence and widespread unemployment, prices will only fall further.

Mortgage Approvals Start Falling, Bank Figures Suggest - BBC News