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BOE Says Mortgage-Availability Slides to Lowest Since 2008

The Bank of England said a measure of mortgage availability dropped to the lowest level since the final quarter of 2008 as lenders became more pessimistic about the outlook for house prices and less willing to take on risk.

The gauge slid to minus 28.5 in the three months through early September, from 8.2 in the second quarter, the central bank said in its quarterly Credit Conditions Survey, published today in London. That’s the first reading below zero since 2012. Demand for home loans also “decreased significantly” in the period, the bank said.