Lending approvals plummet to lowest level yet

”Aboutproperty” today reported that lending approvals plummeted to a record low in April, according to the latest figures released by the Bank of England. Mortgage approval rates have fallen to half the level they were at a year ago, asserts the website.

In May last year, 115,000 mortgages were approved. By comparison, only 58,000 were approved in April this year – revealing a staggering decrease, and a sure sign of a slow-down in the housing market, says “Aboutproperty”. The fact that remortgage approvals increased somewhat from March this year (up by 8,000 in April) does little to alleviate property market fears.

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