Mortgage Approvals Drop Further
The number of new mortgages approved for home buying fell for the 7th consecutive month in December, according to the Bank of England.The BoE said 73,000 mortgages were approved for home buyers in december, down from 81,000 in November.
"The latest mortgage approval numbers indicate that the current housing slowdown is more pronounced than in 2005," said Ian Kernohan, an economist at Royal London Asset Management.
"The fallout from the US housing crisis is spreading to the UK via a general squeeze on credit availability and the MPC will seek to offset some of this effect by cutting rates again next month," he added.
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