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    t rate increase possible in the third quarter, consumer lending may cool further."

    But now, after a fourth quarter-point interest rate rise in just nine months – and anothe

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    It is of little surprise that recent interest rate rises have taken its toll on house prices across the UK. The number of new mortgage approvals in the UK fell to a 12-month low in April, Bank of England figures show. Mortgage approvals totalled 107,000 in April, down from 111,000 in March and the third monthly decline in a row. In a further indication of weakening buyer demand mortgage lending rose by ?8.9bn, much less than expected and the weakest rise since September

    "The Bank of England will be comforted by today's news which shows its monetary tightening is taking effect," said Thushani Gajasinghe, an economist at the Centre for Economic and Business Research.

    "With a further quarter-point rate increase possible in the third quarter, consumer lending may cool further."

    But now, after a fourth quarter-point interest rate rise in just nine months – and another

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    in April, Bank of England figures show. Mortgage approvals totalled 107,000 in April, down from 111,000 in March and the third monthly decline in a row. In a further indication of weakening buyer demand mortgage lending rose by ?8.9bn, much less than expected and the weakest rise since September

    "The Bank of England will be comforted by today's news which shows its monetary tightening is taking effect," said Thushani Gajasinghe, an economist at the Centre for Economic and Business Research.

    "With a further quarter-point rate increase possible in the third quarter, consumer lending may cool further."

    But now, after a fourth quarter-point interest rate rise in just nine months – and anothe

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    weakening buyer demand mortgage lending rose by ?8.9bn, much less than expected and the weakest rise since September

    "The Bank of England will be comforted by today's news which shows its monetary tightening is taking effect," said Thushani Gajasinghe, an economist at the Centre for Economic and Business Research.

    "With a further quarter-point rate increase possible in the third quarter, consumer lending may cool further."

    But now, after a fourth quarter-point interest rate rise in just nine months – and anothe

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    which shows its monetary tightening is taking effect," said Thushani Gajasinghe, an economist at the Centre for Economic and Business Research.

    "With a further quarter-point rate increase possible in the third quarter, consumer lending may cool further."

    But now, after a fourth quarter-point interest rate rise in just nine months – and anothe

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    t rate increase possible in the third quarter, consumer lending may cool further."

    But now, after a fourth quarter-point interest rate rise in just nine months – and another seemingly on the horizon – are the bears among the property commentators finally about to be proved right?

    So what does this all mean for the property market at the moment?

    It would seem to reconfirm that we are essentially in a flat market still, except London who are experiencing double digit growth still. All this may change off course if interest rates rise any further, as those with the largest mortgages will be hit the hardest. This could mean a transition in the market as people downsize to cheaper properties creating a demand for first time buyer properties. It all boils down to the old fashioned fundamentals of affordability.

    Property indices suggest growth had already started

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