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U.K. Mortgage Approvals Drop to Eight-Month Low, BBA Says
U.K. mortgages approved by banks fell to an eight-month low in April, adding to signs of a possible slowing in the housing market. Home loans dropped to 42,173 from 45,045 in March, the lowest since August, the British Bankers Association said in a monthly report today. Approvals were up from 33,870 a year earlier. The data follows a report from mortgage lender Halifax showing that house prices declined for a second month in April. The Bank of England is monitoring the property market for signs of threats to financial stability and has said that recent developments are “noteworthy.” In the minutes of their May ... (full story)
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