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2nd Consecutive monthly fall in residential property mortgage approvals

2nd Consecutive fall in residential property mortgage approvals

Mortgage approvals for UK residential property

purchases dropped in February

The Bank of England (BoE) has confirmed that residential mortgage lending fell for a second successive month in February 2013 reinforcing previously released data from the Council of Mortgage Lenders (CML) and the British Bankers Association (BBA).

The Bank of England figures show that 51,653 residential property mortgages were approved in February, the lowest number since September 2012.

The overall figure was down on the Bank’s revised figure of 54,187 mortgage approvals expected for January, and the amount of mortgage approvals for the purchase of residential properties were less than was originally predicted for February.

Economists had forecast a fall in mortgage approvals, down to 53,700, according to a panel of estimates by Bloomberg. However, the Bank of England have said that remortgage lending in February had increased by 3.8% to 26,771.

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According to new research by the Halifax, detached properties have increased in value by an average of £642 (GBP) per month over the last 10 years.

Property investment figures released by the Halifax, showed that the average price of a detached property in the UK has grown by 38% or £77,000 (GBP) to £282,211 (GBP) since the second quarter of 2002.

It is the largest cash increase in value compared with all other property types.

The past decade has seen the average price of terraced houses grow by 41% to £151,568, while the average price of both semi detached properties and bungalows has grown by 37% to £165,565 and £185,365 respectively.

The best-performing property type since the financial crisis hit in 2007 has been the humble bungalow.

In the past five years, bungalow prices have fallen by just 19% to £185,365, compared with a 21% decline in the average price of a detached property and a 24% fall in the price a semi-detached.

Martin Ellis, housing economist at Halifax, said “Although property types have fallen across the board, the worst hit were flats and terraced homes. These types are particularly popular with first-time buyers and their sharper price falls probably reflect the difficulties that those looking to enter the market for the first time have been facing.”

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