Wednesday, Apr 23, 2008
Mortgage lending enters prehistoric territory
Firstrung: Mortgage approvals across all sectors begin to crash due to evaporation of credit
Gross lending weakened again in March and is expected to continue to weaken as approvals for all forms of mortgage lending have declined further.Net mortgage lending was lower in March reflecting weaker gross lending The annual growth rate has stabilised around 13% in recent months. All forms of mortgage approvals weakened in March and at 129,300 were at their lowest since September 2000. Approvals for house purchase were the lowest since the series began in September 1997. Approvals for remortgaging, though weaker than recently, represented close to 50% of total approvals.
Posted by converted lurker @ 01:04 PM (395 views) Add Comment
3 Comments
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1. dohousescrashinthewoods said...
Sounds to me like the propellers have stopped on this oil tanker.
The ship is still moving, but it's effectively dead in the water.
Credit fueled the housing bubble and we're out of fuel.
2. crash bandicoot said...
You're kidding me, was it all about credit? I thought that we were a small island with too much green belt and too many divorcees/imigrants.
3. pelethar said...
The government, B of E, estate agents and every other VI can line up and spout "it's different this time" as much as they want to. The simple fact is that if you talk to any estate agent who was in business 20 years ago and ask them what the first 6 months of the crash at the end of the 80's was like from their perspective, they'll tell you that their business dried up. Not that there was a sudden drop in prices - the volumes went away and then the prices moved south later on when sellers and agents gradually started to wise up to what was happening.
So far this crash, if indeed it is a crash, looks very very similar. Everything to me is pointing to the whole thing absolutely tanking.