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Tougher rules for getting mortgages help to cool UK housing market

Britain's housing market is cooling rapidly as a result of tougher Bank of England mortgage market requirements, high prices and the uncertainty caused by the 2015 general election. Figures from the British Bankers' Association show a sharp slowdown in mortgage approvals, with new approvals hitting a 17-month low of 37,076 in October – down by nearly a quarter from January's figure. Howard Archer of IHS Insight commented: 'The BBA data add to now pretty widespread and compelling evidence that the housing market has come well off the boil.'

 

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