Summary
THE number of mortgages approved in the UK for house purchase tumbled to its lowest monthly level for nearly five years in October - reinforcing the picture that the residential property market is cooling fast and that UK interest rates may well have peaked.
Seasonally-adjusted figures yesterday from the Bank of England showed the number of loan approvals for house purchase fell from 88,000 in September to 83,000 last month - the weakest number since January 2000. There were 131,000 such mortgage approvals in October last year.See the full content of this document
Extract
Mortgage Approvals Fall to Near Five-Year Low
Unsecured consumer credit, meanwhile, grew by just (pounds) 1.55bn in October - down from September's increase ...
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