Wednesday, Sep 29, 2010
All good, solid bear-food.
Guardian: Mortgage approvals dip as demand for property weakens
Mortgage lending figures have fallen for the fourth month in a row... Howard Archer, UK economist at IHS Global Insight said the drop in mortgage "fuels our suspicion that house prices will fall back by some 10% over the latter months of 2010 and during 2011... High unemployment, muted wage growth, low consumer confidence, difficulties in getting a mortgage, a housing supply and demand balance, currently firmly in favour of buyers, and a house price and earnings ratio above long-term norms comprise an unhappy set of factors for house prices. Low interest rates and the current stamp duty holiday for first-time buyers on all properties costing up to £250,000 only partially offset these adverse factors."
Posted by mark wadsworth @ 11:37 AM (1751 views) Add Comment
8 Comments
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1. Superted187 said...
Is a dip from 48,300 in July to 47,400 last month really that noteworthy?
2. will said...
They failed to mention the coming changes in lending rules due to be announced next month.
3. mr g said...
"good, solid bear-food."
Should be plenty of cr*p about then.
4. This comment has been removed as it was found to be in breach of our Blog Policies.
5. str 2007 said...
No no no, this can't be right.
The express clearly told us everything was fine and on the up, only this morning.
6. Tobuyornottobuy said...
I have been following this site for many years and like others live in the hope that house prices would reduce to affordable levels.
However I have to say that at the moment House Price stability is probably more imprtant for the majority of people in this country. i.e. a collapse at this point in time would ineviatbly tip the economy back into recession and once again hit the bank balance sheets in terms of reposssesions with the potential to start "Credit Crunch 2"
However having said all that, we had the bubble and it has to deflate and now all the conditions are there for the mother of all crashes!
7. alan_540 said...
I wonder when the stamp duty holiday will end?
8. will said...
'Stamp duty holiday for first time buyers up to £250k '
How can £250K be a first time buyer's home when the average UK property stands at around £167K?