RICS: September mortgage approval data

Commenting on the Bank of England mortgage approvals, Oliver Gilmartin RICS senior economist said: With economic growth falling away rapidly, any recovery in approvals will be subdued at best, although today's figures are a step in the right direction. The combination of aggressive interest rate cuts and recent falls in inter-bank lending costs offer some encouragement for the UK mortgage market although with the banking sector in a fragile and opaque state, deposit requirements for would-be purchasers will remain stretched. With money being thrown at the markets the world over, real assets could fall into favour over the coming years once a bottom appears in sight.