Mortgage Approvals in UK Falls Again

Mortgage approvals in the UK have fallen yet again, which now takes it to the lowest level in a year. The impending interest rate rise is a main factor to this figure. Economists in London had forecast that lenders would have granted 117,000 mortgages, but the actual figure was only 111,000.

It is thought that the rate rise will be at 0.25%, which will take the base rate to 5.5 percent, the most it has been for 6 years. Time will tell if this will start to have an effect on house prices, as the average price for a house has been increasing by each month.

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