Thursday, Mar 27, 2008
Mortgage figures confirm the continuing slump in the property market
BBC: Mortgage approvals still slumping
Bank mortgage lending to people who are moving home is still down by a third on the same time a year ago, said the British Bankers Association (BBA). The figures confirm the continuing slump in the property market. Banks lent 43,870 mortgages to home movers in February, slightly more than in January, but 33% down on last year. People who do not move, but change their mortgages to more favourable deals, now account for nearly half of all new mortgages granted by banks.
Posted by jack c @ 10:30 AM (356 views) Add Comment
3 Comments
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1. mark wadsworth said...
"More favourable"? ha ha ha "less unfavourable" more like.
2. paul said...
The BBC's tone contiunues to be that the property market is "defying expectation by remaining subdued". Almost like its a saucepan of milk which can only be in two states - getting hotter or cool.
They won't even entertain the idea that house prices are plummeting. Which is dishonest.
3. Landedgentry said...
Therefore people are not moving nor doing up their properties (B&Q results this morning down). So when we all look for a property in a year or so, they should be in a sufficiently manky condition for us to make even lower offers. Applying the the logic of the Beeb programmes / Times etc. dictates that a good garden adds 50k which by then are would be overgrown, the neutral look of cream walls and wood flooring adds 10K which by then would be bashed to hell by kids, dogs etc. So in theory we could offer 60K less. Oh and that lovely deli round the corner would have gone bust in the midst of a recession when people subsitute lattes and french cheeses for ASDA and LIDL's Budget ranges, so deduct another 10K :o)