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Slump in demand for new mortgages

There has been a sharp fall in enquiries for new mortgages in the last four months, pointing to a slowdown in the UK property market, according to data from personal finance portal Moneynet.

The company blames the rise in the base rate for the number for buyers looking to take out new mortgages falling by 33 per cent from 30,000 in May to 20,000 in August.

It says the average price of properties has fallen from £207,000 in May to £196,000 in August.

The data coincides with a report from the Bank of England saying that mortgage approvals fell by 14 per cent from 112,000 in July to 97,000 by the end of August, the biggest slump since the recession in 1993.

Moneynet chief executive Robert Brown says: “If we get another interest rate rise in the coming months, I believe we could be looking at a particularly difficult climate for the housing market as we enter the autumn period.”

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