UK Money News
30th January 2008
Property market continues to slow
The slowdown in the UK property market continued in December, with mortgage approvals falling for the seventh month in a row.
Data from the Bank of England revealed that the number of mortgage applications approved during December stood at 73,000 - down from 81,000 in November.
The dip came after month on month falls over the course of the previous five months, the bank said.
A spokesperson of the Royal Chartered Institute of Chartered Surveyors (Rics) said that the banks' findings were in keeping with readings of the market from its members.
He added: "The combination of reduced loan-to-value ratios and the more discriminating policy of lenders is clearly having an impact on the availability of finance for property purchases."
The figures are set to fuel calls for an interest rate cut, although it would be some time before a cut would improve the lot of first time buyers, the spokesperson said.
"There are few signs of immediate relief on this front and those attempting to get on the property ladder are likely to find the environment challenging for the foreseeable future," he explained.
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