| Mortgage approvals fall sharply |
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| Tuesday, 24 June 2008 | |
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Mortgage approvals in Britain fell by 56% last month to a record low of 27,968, according to the British Bankers' Association. The BBA says the drop is the biggest since 1997 and indicates the downturn in the housing market is getting worse.
The BBA said mortgage lending rose by £4bn in May, the weakest rise since October 2007. |