Monday, Aug 20, 2007
Big fall in gross lending by building societies YoY
Firstrung: Interest rate rises cause gross mortgage lending to fall - BSA
Commenting on the mortgage figures, Adrian Coles, Director General of the BSA said:"This is a tale of the five interest rate rises in the last year feeding through to the market. The strong start to the year has fallen away, with gross lending in July representing an 8.7% decrease on gross advances a year before. As mortgage payments increase, household finances are likely to be squeezed further. Even if interest rates are near to their peak, potential borrowers need to think about all of their outgoings to make sure they do not overstretch themselves financially.
Posted by converted lurker @ 11:37 AM (599 views) Add Comment
3 Comments
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1. cyril said...
The DCLG measures the change in starts and completions from their historic low point (in 2001 I think). If you look a bit further back in their statistics, ther rate of housebuilding is about the same as it was in the early 1990s at the peak of the last property boom.
If any of you HPC bloggers are in the building trade, I would be interested to know if you think the industry has the capacity to build the extra houses that the Govt says are needed? If you look back over time, the only time we built the sort of volumes Gordon Brown is talking about was in the 1960s, and the majority were council houses.
2. cyril said...
oops - replied to the wrong news item!!
3. Orwell said...
Nationalisation on the cards then, or possibly the payment to BTL'rs to uy their stock when the market finally plummets...