Mortage Lending Falls
The number of new mortgages being given to house buyers fell by 20% in September from a year earlier, according to Bank of England figures.Last month, 102,000 new mortgages were approved for house buyers, 25,000 fewer than in September 2006, and 6,000 less than in August, the Bank said.
The figures add to growing evidence that the property market is cooling rapidly. Recent surveys have shown that price growth is slowing down in many areas. Last week the Land Registry reported that annual property price inflation had dropped in September to 8.7% from 9.4% in August.
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