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Britain's Property Market In 'double-Dip'

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Britain's property market in 'double-dip'

Myra Butterworth, 17:28, Friday 29 October 2010
Britains property market is in the midst of a double dip, economists reveal, as figures show mortgage lending dropping to a tenth of the level seen during the previous month.
Net lending, which strips out redemptions and repayments, was just £112 million in September, down from £1.62 billion in August, according to the latest mortgage figures published by the Bank of England.
Lending figures are unlikely to pick up in the coming months as banks restrict the best deals to borrowers with substantial deposits.
Nida Ali, an economic adviser to Ernst & Young ITEM Club, said: The UK housing market is indeed in the midst of a double-dip.
Housing demand continues to be depressed while those willing to buy a house will have difficulty in financing their purchase.
"This coupled with the fact that an increasing number of people are putting their properties on the market is exerting a downward pressure on prices.

Therefore the economy is in a double dip. HPI IS our economy.

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Lotsa conflicting data out there. Many are relieved the cuts are not going to impact anything so may be thinking time to get HPI moving again?:


U.K. Lenders Approved More Mortgages Last Month Than Economists Estimated

By Scott Hamilton - Oct 29, 2010 10:26 AM GMT

U.K. lenders approved more mortgages than economists forecast in September, signaling a slowdown in the housing market may not be as severe as some reports had indicated.

Lenders granted 47,474 loans to buy homes, compared with 47,498 in August, the Bank of England said today in London. Economists forecast approvals would decline to 46,000, according to the median of 17 estimates in Bloomberg News survey. Approvals are about half the peak of the property boom in 2007...../

Homebuyer confidence “slowly ebbed away during the summer” on concern about the budget squeeze and has since then “picked up, albeit only slightly,” Howard Dawe, chairman of U.K. homebuilder Bellway Plc, said on Oct. 19.

Edited by Realistbear
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