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Mortgage approvals `hit by continued market uncertainty`

30/09/2008

The number of home loans being approved in the UK remains low as a result of the ongoing uncertainty surrounding house prices.

This is according to the Building Societies Association (BSA), which suggested that over 50 per cent of people recently questioned stated that the prospect of future house price falls is acting as a barrier to investing in property.

Land Registry figures cited by the association reveal that homes in England and Wales fell in value by 4.6 per cent last month, potentially suppressing mortgage demand.

It was also found that house prices in London fell by 3.2 per cent in August.

Commenting on the market, BSA business economist Andrew Gall said: "Activity in the housing market remains depressed, so, although the figures for both net approvals and net lending are better than for last month, they still remain low."

Meanwhile, BSA figures suggest that building society gross lending in August of this year stood at £2,770 million, compared with £4,770 million over the same month in 2007.

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