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UK: Mortgage approvals fall 43% year over year in January

  The number of mortgages approved for house purchase picked up slightly in January from December but remained more than 43% lower than a year ago, the British Bankers’ Association said on Tuesday.

The BBA said mortgage approvals totaled 23,376 last month. That compared with 22,416 in December and a record low of 17,574 in November.

Total mortgage lending was £2.9 billion in January, down from 3.3 billion in December.

The report highlights the continued downward pressure on British house prices which have fallen around 17% in a year as the credit crunch has made it harder and more expensive to get finance. (Reuters)