Monday, Sep 29, 2008
Guess that means it's ALL over then guys?
Firstrung: Net mortgage lending collapses by over 95 percent in August to reach lowest recorded figure
Mortgage lending virtually stopped during August, with advances diving to a stunning 5% of the previous month's total, figures released this morning by the bank of England have shown...
Net lending was only £143 million during the month, a fraction of July's sum of just under £3 billion and the lowest figure ever recorded by the Bank of England's statistics series which began in 1993.
Speculation over the Government's recent stamp duty flip flopping and later announcement is also thought to have caused people to delay making a purchase during August until the future of the tax was clearer.
Posted by converted lurker @ 11:35 AM (364 views) Add Comment
5 Comments
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1. Mr Singh. said...
It does finally look like this bull run is over. The down side is that the bull has demolished a lot of the infrastructure let alone the china shop. It's going to take a while to rebuild everything.
2. Eyes_wide_open said...
That's what? About 1000 mortgages?
3. techieman said...
Blimey Mr Singh, did you need to be hit between the eyes with a cruise missile (let alone a bullet) before your declaration that the bull run is over?
4. timmy t said...
Reckon this crash will really get going now. Happy Christmas!!
5. nooneo said...
Singing........
Bye-bye to the property pie,
Took the chevy to the levy but the levy was dry,
Singing good ol' (city) boys drinking whisky and rye,
Oh, this'll be the day property died,
this'll be the day Gordy died.
I seriously hope anyone who bought property in the last 5-7 years isn't banking (!) on selling anytime within the next 5-7 years.