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Mortgage Approvals Hit New Low For Second Month In A Row

As the market was digesting the various issues in the banking sector it has been revealed that April mortgage approvals were the lowest in recent times. This is the second month in succession that a new low has been hit and seems to indicate that the property market may still have further to fall. On a day for bad news in the finance sector it was Nationwide which has again been first to increase mortgage rates. In what many perceive to the defensive calls to try and squeeze as much profit out of existing mortgage customers as possible the upwards trend in mortgage rates seems set to continue.

Some analysts in the market are now concerned the continual increase in mortgage rates is set to become more of a problem than inflation and may well force the Bank of England to rethink their strategy. The £50 billion asset swap which was supposed to free up liquidity in the money markets seems to have come and gone and left little lasting impact, leaving the authorities scratching their heads as to what they can do next.

Many are forecasting further substantial falls in the market with nobody really confident when the falls will end.

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