| With mortgage approvals at their lowest for 18 months, weakness of demand and high prices contribute to stagnation. Demand for home loans has been weak, but new figures from the Bank of England showed the number of mortgages approved in June was the lowest for 18 months.
It's unlikely that the weather or the extra bank holiday made that much difference to the 10% year-on-year drop in approvals for home purchases. Instead, the June data simply underscored how one of the driving forces behind growth in the bubble years has stalled. Approvals are currently running at roughly half their monthly average over the past couple of decades...............................................Full Article: Source
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