From The Telegraph:
The number of mortgages approvals has dropped by 70 per cent to a record low in July, the Bank of England has said.Just 33,000 loans were agreed in July – six per cent down on the previous month and down from 114,000 in July last year.The number of remortgages has also decreased dramatically as consumers seek to tighten their belts and reign in debt in the harsh economic climate. They dropped by 14 per cent in July compared with the previous month to just 69,000.advertisementHouse prices fall as buyers scent bargainsThe news follows a revelation last week that house prices are now falling at their fastest rate for nearly 20 years. Values have dropped by 10.5 per cent in the last year, the first time that the percentage fall has reached double figures since 1990, according to the Nationwide Building Society.Nearly £20,000 has been wiped off the value of the average property – which now stands at £164,654 – as buyers stay away from the market.Although housing stock is now che…
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