Jump to content
House Price Crash Forum

Mortgage Peddlars See Numbers Falling...


Recommended Posts

0
HOLA441

http://www.estateagenttoday.co.uk/News/Story/?storyid=3706&type=news_features

House purchase mortgages tumble by 11.4%

Friday 12th November 2010

Mortgage applications for house purchase fell by 11.4% in October, whilst remortgage applications were up 19.7% on September.

According to the latest Mortgage Advice Bureau / Coreco National Mortgage Index, remortgage applications reached their highest level since November 2008.

With lenders currently offering five-year fixed deals at under 4%, and continuing concerns over economic stability and future interest rate and house price movements, the figures suggest borrowers are keen to seek the sanctuary of fixed deals before the New Year.

The picture was an entirely different one for purchase mortgage applications which, after rising 14% in September compared to the previous month, dropped off dramatically in October.

Despite this drop, total mortgage applications (purchase and remortgage) are actually up by a quarter (24.5%) for the year to date compared to the same period in 2009.

The average LTV on purchase mortgage applications remained at 70.4%, the same level as in September, while the average loan size for purchase mortgage applications fell again, from £127,591 in September to £123,982 in October, a drop of 2.8%.

The average deposit put down by a purchase mortgage applicant in October was £36,699 compared to £37,767 in September.

The average LTV on remortgage applications rose from 53.1% in September to 55.0% in October, while the average remortgage application loan size dropped by a substantial 12.1% in October to £130,913 compared to £148,934 the previous month.

Looking at the types of mortgage products (fixed or variable) arranged in October, the majority of purchase and remortgage applicants continued to choose fixed over variable rates, with 63.6% choosing fixed products compared to 62.8% in September.

Brian Murphy, head of lending at independent mortgage broker Mortgage Advice Bureau, said: “On the purchase mortgage side, in a normally functioning market we would expect to see a further increase in purchase mortgage activity in October following the post-summer uplift witnessed in September.

“However, we are still far from a normally functioning market, and following the Government’s Spending Review we are not surprised to see activity fall back as some nervous buyers step back from the mark.”

Edited by Caveat Mortgagor
Link to comment
Share on other sites

1
HOLA442

From the same site (they've got it bad today!)

http://www.estateagenttoday.co.uk/News/Story/?storyid=3712&type=news_features

House hunters losing interest, says NAEA

Friday 12th November 2010

The housing market contracted in October as the number of sellers and buyers declined month-on-month, the NAEA reported this morning.

While sales levels were the same as in September, with the average branch selling seven properties in the month, activity levels fell back.

Michael Jones, president of the NAEA, said that sellers were unwilling to accept falling house prices and buyers were suffering from restrictive lending criteria.

The average number of house hunters registered with each branch dropped to 218 in October compared with 247 in September, while the number of houses available for sale dropped from an average of 72 per branch in September to 67 in October.

The percentage of sales made to first-time buyers increased in October from 20% to 23%, the NAEA claimed.

Jones said: “Mortgage restrictions will need to be eased if we are to see any real increases across the market, moving into the early part of 2011.”

Earlier this week, the RICS reported that average sales per estate agency firm slipped to 15.2 in October. This was down from 16.7 in September and compares to the long-term average of 26.8 sales per month

Edited by Caveat Mortgagor
Link to comment
Share on other sites

2
HOLA443
Earlier this week, the RICS reported that average sales per estate agency firm slipped to 15.2 in October. This was down from 16.7 in September and compares to the long-term average of 26.8 sales per month

Don't know how long term their long term average is - but that's got to be hurting EA and Surveyors

Link to comment
Share on other sites

3
HOLA444

Michael Jones, president of the NAEA, said that sellers were unwilling to accept falling house prices and buyers were suffering from restrictive lending criteria.

........../

Jones said: “Mortgage restrictions will need to be eased if we are to see any real increases across the market, moving into the early part of 2011.”

Er.... No Jones!!! YOU MORON!!! PRICES NEED TO COME DOWN YOU TW@T!! :angry: :rolleyes:

Link to comment
Share on other sites

4
HOLA445

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
  • Recently Browsing   0 members

    • No registered users viewing this page.




×
×
  • Create New...

Important Information