Friday 4th January 2008
Another interest rate cut is likely following the latest mortgage lending figures from the Bank of England.
So claims research firm Global Insight, which states that the weak data for November released today is proof of a slowing market - news that may be welcomed by those looking to compare mortgages.
The figures from the Bank reveal that approvals hit a three-year low of 83,000 in November, down from 89,000 in the previous month.
Howard Archer, chief UK and European economist at the firm, remarks: "Housing affordability is being pressurised by elevated house prices, modest real disposable income growth and the still significant overall rise in mortgage rates since August 2006."
He added that such pressures were continuing to make it difficult for first-time buyers to enter the market and for those already on the housing ladder to trade up.
The Banks statistical release shows a fall in the 12-month growth rate for house prices to 9.5 per cent.
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