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John Charcol Mortgage Index Plummerts 20% In September

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John Charcol Monthly Mortgage Index

The John Charcol Mortgage Index is published monthly, tracking three important statistics, based on mortgage business written by John Charcol.  The index is a leading indicator of trends being based on mortgage applications submitted to lenders, whereas figures reported by the Council of Mortgage Lenders (CML) and the Bank of England (BofE) are based on completions, which typically take place 2-3 months after the mortgage application is submitted.

October 2010 - Consumer confidence sees purchases go into reverse

The latest mortgage index from John Charcol reveals that the proportion of mortgage purchases fell dramatically in September.  Drew Wotherspoon, director of marketing at John Charcol, comments on this and other findings.

“With renewed fears of further house price reductions and more than a whispering of an overall double dip in the economy, it seems that buyers are currently thinking long and hard before committing to purchasing a new property.  Consumer confidence plays a huge part in the housing market and, put simply, it appears to be wobbling.  As well as shrinking considerably as an overall proportion of transactions, in pure numbers terms purchase business fell by almost 20%. 

But but... I thought September was booming peak buying season? Surely I have not been lied to by estate agents?

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