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Mortgage approvals fall says BSA

Mortgage approvals have fallen from £4,248m in April 2006 to £3,910m in April 2007.

Building society gross advances amounted to £3,772m in April 2007, compared to £3,512m in April 2006. However, net advances were £1,031m in April 2007 versus £1,106 in April 2006.

BSA director general Adrian Coles says: “Gross advances were the highest April figure for three years. However, net advances were down slightly on the same month last year. Approvals (loans agreed but not yet made) fell by 8% compared to April 2006. This is the first year on year fall since July 2005 – the month preceding the last cut in interest rates.”

Coles adds:“The lending figures suggest that the effects of the four rate rises since August 2006 are beginning to show. However, with the reasonably strong economic outlook, we expect lending to remain robust throughout the remainder of the year, although another interest rate rise could dampen growth further.”

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