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Mortgages stable but no upturn this year

Date: 2 March 2005

Figures showing a fall in the number of mortgages approved have been seen as further evidence that the property market won't pick up this year.

A report from the Bank of England showed approvals were down 37 per cent last month compared to February last year.

The Royal Institute of Chartered Surveyors (RICS) said despite the figures, demand for new mortgages had stabilised.

However, RICS said that it did not expect the property market to pick up this year because another interest rate rise is expected in the next few months.

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