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Bank of England forecasts fall in house prices and purchases

The Bank of England has downgraded the number of mortgage approvals it expects to see per month over the next two quarters as it becomes more pessimistic about the mortgage and housing markets.

In its latest inflation report, the bank suggested that there were likely to be an average of around 60,000 approvals for purchase deals each month between the second and fourth quarters of the year.

This is down from the 65,000 monthly average it expected back in February.

You can read the Bank of England's May inflation report here:

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