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| Mortgage Approvals Fall
October 2004 - Mortgage approvals fell during the month of September, leading some analysts to suggest that this may be a sign of a lengthy period of falling UK house prices.
The latest figures, released by the British Bankers' Association (BBA) showed that the total number of approvals was 59,905. This compares poorly with the same period last year, when the figure stood at more than 80,000. The news also means that the number of mortgage approvals has been steadily declining over the past 4 months.
 The downturn in the UK housing market, which has now been recognised by a number of housing market surveys, is largely being blamed on the Bank of England's recent decisions to increase UK interest rates. The Bank decided on such increases in order to restrict a housing market, which was seen in some areas as having over-heated. The total mortgage lending for September 2004 was £16.3 billion, representing the first annual fall since back in 2000. You can find out more about the UK housing market in our housing market news section.
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