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Mortgage approvals drop 52% |
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Mortgage lending for house purchases fell by 52% over the 12 months to October, according to latest figures from the British Bankers' Association (BBA).
A total of 21,584 mortgages were approved by banks for house purchases during the month - down on the average for the previous six months of 25,272.
Net lending for mortgages rose by £2.9bn last month, compared with £3.5bn in September and the previous six-month average of £3.9bn.
The fall in borrowing came in spite of a cut in interest rates from 5% to 4.5% at the start of October, and the government's announcement in September that properties bought for less than £175,000 would be exempt from stamp duty. |
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Terms of reference for the independent commission tasked |
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Budget 2010 effects investors
Telegraph 20 Jun, 2010
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Brighton 1 - Hartlepool 0
11 Apr, 2010
The most recent house price data from the Land registry shows an annual seven percent rise in house prices across the UK. This |
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Care revolution Death Tax
Guardian 11 Aug, 2011
Labour stood accused of hiding plans for a "death tax" to fund universal social care for elderly people in the small print of a long-awaited white paper published today.
As |
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