The British Bankers' Association reported a in decline in mortgage approvals in September. It said that the number of mortgage approvals for house purchases dropped by 27 per cent in September.
We all know that market activity is judged by these approvals. A decline tells us that there is a slowdown in house prices.
Analysts say that this decline in approvals indicates a weaker outlook for the mortgage market in UK.
There are reports that UK lenders have tightened their criteria for borrower and have increased interest rate after seeing the subprime mortgage in US. This has greatly affected the property market.
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