Mortgages Approvals Plunge
Monday, September 1, 2008 9:28
The interest rate for savings fell to 1.1%, which is the lowest rate since 1959. Meanwhile, the prices for energy and fuel are soaring and are also piling more misery on the general homeowners. Recent figures indicate that the amount of money people can afford to save plunged to a record low earlier this year.
As a result, deterred by demands for hefty deposits and higher mortgage rates, the lack of buyers in the housing market is dragging down prices because sellers are pushed to cut the prices to secure a sale.
In July, the situation of the housing market got worse as the number of mortgages approved for purchasing houses fell by 71%, from 114,000 in July last year to a record all-time low of 33,000 home loans. According to the record of Bank of England, the number of September 1st, 2008 is the lowest figure since 1993. And the number of remortgages also dropped sharply down from 80,000 in June to 69000, which is the lowest figure since November 2001.
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