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House purchase approvals slump 52%

Mortgages approved for house purchases in December totalled 22,051, a 27% increase from November, and more in line with the average of the previous six months (22,437). But approvals were still 46.8% lower in December year-on-year.

 

"The banks approved less than half the 2007 number of loans for house purchase, reflecting falling demand from households facing greater economic uncertainty and double-digit falls in house prices over the year, which led to a wait-and-see mentality."

 

 


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