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Mortgage Approvals Down

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The Independent

Mortgage lending slumps to lowest for a decade

Mortgage lending slumped to its lowest October level for a decade as activity in the housing market remained subdued, figures showed today.

A total of £12.4 billion was lent during the month, unchanged from September, but 9% lower than in October 2009, the Council of Mortgage Lenders said.


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You're quite right. Though forex is saying BoE down to 44k from the revised figure of 47k last month.

The previos figure they use is final approvals which is all lending across all lenders. The preliminary figure is from the 5 main lenders only so it's always lower. You can't compare the too as they are doing.

Last month preliminary figure was 44k too. You have to read the boe release for the exact figure as it's rounded.

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hmm... thinking aloud here... where is the correlation/ when does the correlation kick in for real prices of houses....

So if mortgage approval is so low... why aren't we seeing this relflected in month to month falls... or is there a delay?!? 18 months maybe?

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