Approvals for new home loans have once again fallen to a new record low. The Bank of England revealed that mortgage approvals in April fell from 63,000 to 58,000, significantly below the 65,000 forecast. The latest figures have caused economists to predict a further decrease in house prices over the coming months.
During the three months prior to and including April, new home loan approvals stood at 192,000, just 1,000 above the record quarterly low of 191,000 set in the final quarter of 1992. However, those figures included remortgaging by banks .
New data has also shown that the growth in the manufacturing sector has halted as of May, providing the latest illustration of the continuing effects of the credit crisis.
Despite the economic slowdown, the Bank of England is expected to leave interest rates unchanged later this week given the fact that they have already dropped rates three times in recent months and the inflationary pressure in the current climate.
New Home Loan Approvals Drop Again
Wed, 04 Jun 2008
Recommended links
How does a payday loan work?Payday loan charges
Who are they suitable for?
Pros and cons
Taking out a payday loan
Payday Loans Company Charging Huge Interest Rates
Unsecured Loan Debts to Double in 2008
|
|
|
