Tuesday, Mar 27, 2007
Raining stones in the mortgage market?
Firstrung: Mortgage approvals weaken in the face of rising costs and prices
Take a look at some of these figures; it has taken just 4 years for the average loan size to go from 100K to 140K, amount lent - 16.6bil in Jan down to 14.9 in Feb (bearing in mind Dec/Jan are the slowest months traditionally). When compared to February 2006, house purchase approvals were down 5% by number though up 8% by value; remortgaging approvals were up 6% by number and up 22% by value; and approvals for equity withdrawal were unchanged by number but 10% higher by value. nice to see the BBA blame it on lack of housing stock =;¬)
Posted by converted lurker @ 10:24 AM (184 views) Add Comment
2 Comments
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1. royston said...
Ah, yes - the "lack of housing stock" defense.
How many times do I have to say it:- when you take speculative demand out of the equation, there is no shortage of supply!
2. Davros said...
Royston is right. There are two sides to the supply demand equation.