Mortgage approvals in March are lowest for a year
Mortgage approvals in the UK fell to their lowest in almost a year in March, a possible sign that higher borrowing costs are cooling the housing market.Lenders granted 111,000 mortgages, the least since April 2006 and down from a 117,000 in February, according to the Bank of England.
Economist, Howard Archer (of Global Insight), suggests that higher interest rates are beginning to bite, with this fall in demand for mortgages suggesting a slowdown in the housing market.
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