cashinmattress Posted May 11, 2011 Share Posted May 11, 2011 link Mortgage applications for house purchase were down an astonishing 20.9% in April, compared with March.Remortgage applications also plummeted, down by 26.7%. Despite the steep monthly falls, figures for house purchase loan applications were back to where they were a year ago, showing that the mortgage and housing markets have really been a case of one step forward, one step back. According to the latest National Mortgage Index compiled by independent mortgage brokers Mortgage Advice Bureau and Coreco Group, mortgage applications in April were just 0.1% down on April 2010. The average loan size on mortgage applications in April was £124,328 compared to £127,546 in March, a decrease of 2.5%. Remortgage applications fell for the second consecutive month in April. But despite their hefty monthly drop, were still up 19.5% on applications made in April 2010. Brian Murphy of MAB said mortgage activity had been affected by April’s string of bank holidays. Andrew Montlake, director of London-based independent mortgage broker Coreco Group, said: “The worry for the property market as a whole is that if house prices remain high due to lack of good-quality housing stock, and mortgage lending continues to be difficult for those looking at higher loan-to-values, first-time buyers will remain a rare breed, and first-time buyers are going to be crucial for any longer-term recovery.” He said there was little light at the end of the tunnel for first-time buyers, with only a smattering of 90% LTV mortgages available. No comment. Quote Link to comment Share on other sites More sharing options...
_w_ Posted May 11, 2011 Share Posted May 11, 2011 link No comment. ... it smells like ... Victory! Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted May 11, 2011 Share Posted May 11, 2011 my neighbour really tried to get to the bank to get a mortgage application in, but was defeated by the Easter Bunny and a Princess at the end of her drive. Quote Link to comment Share on other sites More sharing options...
SarahBell Posted May 11, 2011 Share Posted May 11, 2011 Was that all those bank holidays? Quote Link to comment Share on other sites More sharing options...
rantnrave Posted May 11, 2011 Share Posted May 11, 2011 Was that all those bank holidays? Yes, which came so soon after all that snow. Quote Link to comment Share on other sites More sharing options...
exiges Posted May 11, 2011 Share Posted May 11, 2011 I guess the BBC are going to call this "static" or "muted" figures. Quote Link to comment Share on other sites More sharing options...
exiges Posted May 11, 2011 Share Posted May 11, 2011 The average loan size on mortgage applications in April was £124,328 compared to £127,546 in March, a decrease of 2.5%. Higher deposit or lower house price I wonder (or combination of both) Quote Link to comment Share on other sites More sharing options...
_w_ Posted May 11, 2011 Share Posted May 11, 2011 (edited) How many times have we been here though? This is the long awaited spring bounce. I believe a large number of sellers have lasted this long in anticipation of this moment, and they are being sorely disappointed: they are not going to sell their stacks of bricks for stupid money for a very long time, period. After that it's a run for the exit IMO. Edited May 11, 2011 by _w_ Quote Link to comment Share on other sites More sharing options...
Van Posted May 11, 2011 Share Posted May 11, 2011 Andrew Montlake, director of London-based independent mortgage broker Coreco Group, said: “The worry for the property market as a whole is that if house prices remain high due to lack of good-quality housing stock, and mortgage lending continues to be difficult for those looking at higher loan-to-values, first-time buyers will remain a rare breed, and first-time buyers are going to be crucial for any longer-term recovery.” At last, they are recognising this. NO NEW PARADIGM where investors can continually prop up the market. It doesn't work like that. FTBs are the lifeblood of the market. Without them, no chains can complete and there can be no market. Quote Link to comment Share on other sites More sharing options...
LivingWithTheInlaws Posted May 11, 2011 Share Posted May 11, 2011 Andrew Montlake, director of London-based independent mortgage broker Coreco Group, said: “The worry for the property market as a whole is that if house prices remain high due to lack of good-quality housing stock, and mortgage lending continues to be difficult for those looking at higher loan-to-values, first-time buyers will remain a rare breed, and first-time buyers are going to be crucial for any longer-term recovery.” So let me get this right. He's basically saying that house prices will stay high due to lack of supply but also saying that demand will fall away. I think he's identified the problem and the solution in one sentence but hasn't realised it. Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted May 11, 2011 Share Posted May 11, 2011 So let me get this right. He's basically saying that house prices will stay high due to lack of supply but also saying that demand will fall away. I think he's identified the problem and the solution in one sentence but hasn't realised it. thats the trouble with a VI argument...you have clients who want high selling prices, yet your clients clients want prices to fall. so you end up saying both ways to attract both, but end up with nonsense....Politicians do this all the time, and we know they usually end up saying nothing at all. Quote Link to comment Share on other sites More sharing options...
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