Property Market Slowing Down - BoE
The property market is going through a clear slowdown, according to figures from the Bank of England (BoE).The number of mortgages approved for house purchase fell in August to 109,000, down from 120,000 a year ago. The increase in net mortgage lending in August was also down by 11% on the same month last year.
The BoE's analysis makes it clear that mortgage lending has been slowing down since the start of the year, as higher interest rates have taken effect.
The number of new mortgages approved for house buying - a good indicator of future trends in the property market - touched a recent peak of 128,000 in November 2006.
Although the figures are erratic from month to month, the trend since then has been downward, with the monthly average for the past six months now standing at 112,000.
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