New figures relaesed today show that mortgage approvals and mortgage lending have dropped finally. Experts claim that this is not in fact a sign of the house prices falling, because the small supply of property that people want is still keeping the market boyant. Gotta love market forces :-)
The fall of 8% in April of mortgage approvals compared with the same time last year was announced by the Building Societies Association.
To be fair, after having been kicked by the last four interest rate rises, thats probably what the Bank of England were expecting to happen. Reports are also circulating taht the Bank of England is planning to raise rates again soon.
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