Mortgage Approvals Down 71% on July 07
Figures released today by the Bank of England show mortgage approvals hitting a new low. There were just 33,000 new mortgage approvals in July 2008, down by 71% on July 2007.For the second month, building socities have seen their mortgage levels contract, with more people paying off their loans than new lending by £79m.
The demand for mortgages has dropped with the falls in house prices, reducing people's confidence, and the rise in mortgage rates because of the credit crunch.
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