Loan approvals slow in August
Oct 10, 2006
The number of loans approved for house purchase fell slightly in August, new figures from the Bank of England reveal.
Official figures show that 119,000 mortgages were approved in August for people buying a new home, down from 120,000 in July.
However, this was still 16 per cent higher than the average for the past ten years. While some economists claimed the fall in approvals was a result of August's interest rates rise, the chief economist at the Royal Institution of Chartered Surveyors (Rics) took an upbeat view of the data, saying that demand for mortgages was still strong for this time of year.
He said that despite a slight drop in mortgage approvals in August, activity was still at high levels and housing demand was very stable.
The buoyancy of the economy and strong consumer finances would continue to put upward pressure on house prices, he predicted, although further interest rates rises were likely in November. The number of approvals for remortgages, however, remained static from July at 97,000.
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