Mortgage approvals hit rock-bottom once again!

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) April 7, 2010 -- According to the latest figures made public by the nation's supreme banking authority, the Bank of England (also known as BoE) has revealed that the country's residential market has hit a rough patch and presently, is lying on an extremely low note.

The report suggested that a total of 47,094 loan pleas that were sanctioned of applicants who quoted the purpose of buying a home in their application form, during the month. This incidentally, is a straight drop of 21percent after it peaked in November last year.

Experts have blamed the double-trouble in the form of the bad weather in January and February and the full stop of the Government's stamp duty holiday, which prompted people in buying low value properties to rush through the whole purchases process.

However, it will be interesting to see if the present slowdown is only a seasonal jitter, which it is assumed to be, thanks to these one-off factors. Meanwhile, speculations are rife that it can be the start of a new trend in the market.

Certainly, the news does not augers well for comparison websites that thrive on revenue sourced from comparison of various loan deals.

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