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Property market stumbles as homebuyer mortgages drop 15% in a month

Mortgage approvals for house purchases dived 14.9 per cent to 56,205 in May, compared to the month before, according to Bank of England data.

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Mortgage approvals for house purchases dived 14.9 per cent to 56,205 in May, compared to the month before, according to Bank of England data.

Experts said the impact of the Middle War pushing up borrowing costs took its toll on buyer demand.