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Wednesday, October 29, 2008

Signs of a Heartbeat?

Despite the best attempts by the politicians and media to talk the UK economy into a slump, the mortgage market has refused to lay down and die.

The Bank of England reports that mortgage approvals for house purchases rose in September, for the first time in over a year.

Mortgage approvals rose to 33,000 in September, up from a record low in August of 32,000.

Net mortgage lending rose by £2.2BN in September, in August it fell by £691M.

Notwithstanding the faint signs of a heartbeat in the mortgage market, the pressure is still on the Bank of England to stop dithering and cut rates.

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