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UK mortgage lending continues to fall

The number of mortgages approved for house purchase fell for the sixth month in a row during October as buyers continued to stay away from the property market.

Only 47,185 loans were approved for people buying a property during the month, the lowest level since February, according to the Bank of England.

The subdued level of transactions, which is well below the 70,000 to 80,000 approvals a month which are considered to be consistent with a stable market, will continue to put downward pressure on house prices.

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