"Banks granted 66,965 loans for house purchase, down from 75,318 in June, the London-based BBA, which represents the U.K.'s biggest banks, said today in a statement. That's 1 percent lower than a year ago. The value of mortgages approved rose 5.7 billion pounds ($11.4 billion) compared with 5.4 billion pounds in June.
Today's report adds to evidence the U.K. housing market is cooling after a report by Hometrack showed Aug. 24 that property prices were unchanged this month, the worst performance since November 2005. Bank of England policy makers kept its benchmark interest rate at a six-year high of 5.75 percent this month and said the housing market showed ``signs of softening.''
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Article : U.K. Mortgage Approvals Declined in July, BBA Says |
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