Britain loses the moving bug: Mortgage approval rates slump again as first-time buyer crisis sparks new recession fears

 

  • House prices fell by 12.5% in recession aftermath – the biggest fall on record 
  • Current £144,900 average house loan still £43,000 below 2007 peak
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Fears of another crushing recession intensified today after it emerged that mortgage approval rates remain locked in a downward spiral amid a first-time buyer crisis.
 
The number of new loans has now fallen every month for a year since an initial recovery led to rates rising to almost three times above the credit crunch low.
 
Today's figures, from the British Bankers' Association, reflect waning confidence in the economy, which faces going into a steep reverse if other consumers also stay away from making purchases

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