Mortgage approvals fall to series low in July
LONDON (Reuters) – Mortgage approvals fell for the 12th consecutive month to hit a series low in July, the Bank of England said on Monday, pointing to further sharp falls in house prices in the coming months.
The Bank said approvals — an indicator of future movements in house prices — fell to 33,000 in July from 35,000 in June, below market forecasts for a reading of 35,000.
Approvals are at their lowest since the series began in April 1993 and around a third of what they were last year as banks toughen up lending criteria in response to the credit crunch.