Property News

Thursday, May 03, 2007

Mortgage lending down in March

The latest report from The Bank of England shows that new mortgage lending has fallen slightly during March. This could be an indication that the recent interest rate rises have started to take affect.

The value of new home loans totalled £9.9bn in March down on the previous month's adjusted £10bn figure. A total of 111,000 new mortgages were approved in March, the lowest level for a year, down from 117,000 in February.

Next week, the BoE's Monetary Policy Committee will meet to decide on yet another interest rate rise. It is widely predicted by analysts that they will raise the level of UK interest rates.

Recent housing market surveys have shown prices rises moderating, but not in London and Northern Ireland.


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