Wednesday, Jan 30, 2008
Evidence that the housing slowdown is becoming more severe
FT: Mortgage approvals fall to 12-year low
Mortgage approvals fell for a seventh month in December to the lowest level since the 1990s, Bank of England data showed, signalling that the UK housing market has already slowed more sharply than during the 2005 downturn.“The prospect of a repeat of the 2005 soft landing in the housing market is fading fast,” said Vicky Redwood at Capital Economics, adding “there is growing evidence that despite the recent fall in interbank lending rates, the damage of the credit crunch has already been done”.
Posted by jack c @ 02:05 PM (703 views) Add Comment
8 Comments
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1. hpwatcher said...
Good.
2. mark said...
soft landing from such high prices yeh yeh..lol
3. Blank Cheque said...
12 year low! That's incredible.
Still there's plenty of greater fools out there who'll still insist there won't be a crash.
4. george monsoon said...
Actually their could be a soft landing.. right into a steaming pile of Sh**
5. Icarus said...
"The damage of the credit crunch has already been done". No it hasn't. The sh!t is still flying towards the fan.
6. planning4acrash said...
How about adjusting this to the higher population we have now? Particularly in London.
7. Cstanhope707 said...
I see a 1% drop in Interest Rates next month to ensure HPI will be 10 to 12% in 2008. I guarantee the boom will start all over again. The VI's will bully the BOE to ensure that this happens....
SO this time next year House Prices will be 10 to 12% higher and Inflation will still be about 1.8 to 2.1%
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