Mortgage approvals fall 43 percent year over year in January

Reuters - The number of mortgages approved for house purchase picked up slightly in January from December but remained more than 43 percent lower than a year ago, the British Bankers' Association said on Tuesday.
The BBA said mortgage approvals totalled 23,376 last month. That compared with 22,416 in December and a record low of 17,574 in November.
Total mortgage lending was 2.9 billion pounds in January, down from 3.3 billion in December.
The report highlights the continued downward pressure on British house prices which have fallen around 17 percent in a year as the credit crunch has made it harder and more expensive to get finance.

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