Tuesday, Jun 24, 2008
How low can this go??
Firstrung: Mortgage approvals for house purchases reaches a record low and falls 57% year on year
May's mortgage lending was much weaker than April and a record low number of house purchase approvals means the subdued picture will continue. Mortgage approvals for house purchase fell 56.8 percent on the year in May to a record low of 27,968, the British Bankers' Association says...Consumer credit rose, largely reflecting lower credit card repayments and, after April's strong inflow, personal deposit growth was weaker in May.
Posted by converted lurker @ 11:51 AM (452 views) Add Comment
4 Comments
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1. mark wadsworth said...
That's still 28,000 mugs who haven't realised that there's a Buyers' Strike going on.
*sigh*
2. confused76 said...
"Only those with a deposit of more than 5 per cent of the value of their home can secure a deal, while the most competitive loans are reserved for borrowers with a 25 per cent deposit or more."
strange ehhh??
http://business.timesonline.co.uk/tol/business/industry_sectors/construction_and_property/article4203284.ece
3. uncle tom said...
Mark,
Don't forget that a significant slice of the market is people moving sideways - relocating, but not moving significantly up or down price-wise. Current events make little odds to them.
Take that sector out of the equation and you realise that the market has all but come to a halt.
4. Dave Spart said...
'How low can this go??'
I'd like to see it drop several hundred percent.