Friday, Nov 23, 2007
This is before the effects of the 'Le Crunch'
Firstrung: Mortgage approvals crash by 40% year on year
The approval figures, seen as the leading indicator of future demand, suggests that the UK housing market is starting to slow in response to the Bank of England's five interest rate hikes. These figures are too early to gauge the effects of the greater uncertainty created by the recent financial market 'turbulence'. Underlying net mortgage lending slowed to 5.0 bln stg, from 5.9 bln in September, though this is above the recent average of 5.6 bln, bringing annual growth down to around 13.4 pct. The BBA also said that gross mortgage lending rose slightly to 18.9 bln stg from 18.8 bln in September.
Posted by converted lurker @ 08:08 AM (315 views) Add Comment
5 Comments
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1. New User 2007 said...
A side story on Home rung
http://firstrung.co.uk/articles.asp?pageid=NEWS&articlekey=8458&cat=44-0-0
"For the government to be heaping new burdens on the property market at a time when it is already feeling some strain is beyond belief. It should leave the housing market alone, not tie it up in red tape".
I thought the market was still bouyant? What strains?
"In the announcement today, the CLG made reference to an 'independent report' on HIPs which found 'no evidence of impact on transactions or prices'. I would be very interested to see this report, as it directly contradicts our own findings and those by others in the industry."
Now they know how it feels when they come out with numbers that in no way reflect anyone's actual experience!!!
2. Cyril said...
This takes a bit of getting your head around doesn't it? Slowing rates of growth in net lending but rising gross lending, although the rate of growth in each has slowed. I guess that must be good/bad* news, but not as good/bad* as some people would have liked.
*delete as applicable
3. Koala Bear said...
And look at this quote from the BBC website. Mortage lending figures are the lowest since they started publishing records!
'BBA figures are the lowest for any month since they started being publishing in their present form in September 1997'.
4. inbreda said...
I think idiots still want mortgages, but the banks no longer want these sub-prime risky idiots for customers.
Intelligent people, who could get a mortgage if they wanted, don't want one.
and so the ponzi scheme collapses
5. bidin'matime said...
Nicely put, Inbreda.