House purchase loans (mortgages) are down approx. 11% over the medium term trend (six months)*. As an indicator, as to the direction of house prices, mortgage approvals could be considered less corrupted by 'spin' and opinion than the more prominent house price data. Estate agents are experiencing record levels of homes for sale, despite these record numbers there is no evidence, from these BOE figures, that houses are in fact selling and the 'Spring Bounce' does not appear to have materialised...

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