Mortgage approvals fall to record low

Published:  29 March, 2010

LONDON: Mortgage approvals fell to their lowest level in nine months in February, Bank of England figures showed today.

It is another sign that the recovery in the housing market is stalling said Philip Shaw, economist at Investec. "The main message is that mortgage approvals have stalled over the past few months, indicating a lull in the housing market," he said. "It remains to be seen if the Budget moves are enough to raise transactions and engineer an upturn."

The Bank of England said mortgage approvals numbered 47 094 in February, down from 48 099 in January and well below the figure of almost 60 000 reached in November when people rushed to take advantage of a temporary reduction in property purchase tax. Analysts had forecast a reading of 48 000.

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