UK suffers a surprise drop in mortgage approvals!

February 16, 2010

UK mortgage approvals unexpectedly fell in December for the first time in more than a year,
Loans of 59,023 were granted last month, down from 60,045 in November, according to figures released on Monday by the Bank of England.
City economists had been expecting a number of 61,800.
Both Halifax and Nationwide, which producer the two most widely-watched indices of UK house prices, have both suggested that the rally in prices is likely to stumble this year, as the economy struggles to recover.
Credit availability is still restrictive,” says an economist in London.
There is still a huge debt burden in the household sector, and risk of new deterioration in the labor markets if the government decides to curb public spending.”

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