The recent reports on the housing market tell us that the rate of mortgages approved in the UK has dropped by 14.2%. In fact the figures from August show the lowest approval rate in the past seven years.
The tell-tale signs of higher interest rates, stricter lending criteria, lower approval rates and a slowing of house price increases all indicate the housing market could be heading for a slump. There are rumours that this may trigger an interest rate cut before the end of the year to slightly ease the strain being felt by everyone at the minute.
Read more about it at Drop in Mortgage Approvals
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