House prices slow down
No change in the Bank of England base rate for the eleventh month running will come as a relief the housing market, especially as one of the UK's leading mortgage lenders, the Halifax, has said that Britain's house prices fell by 1.2% in June, with the traditional North, South divide once again becoming more pronounced.
This would be the biggest fall in home values since late October 2000.
The mortgage lender reported that overall mortgage approvals for March to May this year where down by 4% on the beginning of the year even though the Bank of England has figures to show that approvals where almost 30% higher than they were for the same period last year.
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