Mortgage Approvals Tumble
The number of mortgage approvals in the UK has fallen by around 50% or more. The number of general mortgages has fallen by 49% since December and first time mortgages have tumbles by 54% acording to figures provided by the Council of Mortgage Lenders. With the steady rise in prices seen in late 2009 now fading it seems that the turnaround in the economy is not quite as robust as we had thought.
Savers are seeing any income from interest reduced to almost nothing, retail prices are rising and with a general election on the horizon the country is not in quite the position we were led to believe by the government. Mortgage funding has underpinned the slight recovery that we have enjoyed over the last part of 2009, with this money reduced the number of sales will fall meaning many will be unable to sell their properties.
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