UK house prices were down 2.6% in value during November, representing an annual drop of 14.9% since last year according to new figures from the Halifax.
The Bank of England’s Monetary Policy Committee has voted to cut interest rates by 1% to 2.0%, their lowest level since 1951.
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New Bank of England figures report that mortgage approvals continued to fall during October, suggesting that further falls in house prices are likely.
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The Bank of England’s Monetary Policy Committee today voted to reduce the official Bank Rate paid on commercial bank reserves by 1.5 percentage points to 3%.
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The Bank of England’s Monetary Policy Committee (MPC) has voted to cut interest rates by 1.5% to 3%, following grim economic data and the realisation that a recession is on the way.
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The Bank of England, the European Central Bank and the US Federal Reserve have all cut interest rates by 0.5% in an unexpected and coordinated move.
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Commenting on the Bank of England mortgage lending statistics, Council of Mortgage Lenders director general Michael Coogan said:
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UK Mortgage lending plunged by 95% in August compared with the month before, according to new figures from the Bank of England.
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For the fifth month in a row, the Bank of England’s Monetary Policy Committee (MPC) has voted to keep interest rates on hold at 5.0%.
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The Bank of England’s Monetary Policy Committee (MPC) has voted to keep interest rates on hold at 5 percent.
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New figures from the Bank of England has shown that the slowdown in mortgage lending continues.
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