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Mortgage approvals drop in further sign of housing market slowdown

August 30, 2023

Via: Sky News

The net decrease – from 54,600 in June to 49,400 in July – is a five-month low and worse than expected. A poll of economists predicted the figure would be around 51,000.

Leading property website Zoopla said on Wednesday morning that the UK was on track for around one million house and flat sales by the end of this year – the lowest level since 2012.

Experts have warned that high interest rates and the cost of living crisis are having an impact on affordability for many.

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