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Mortgage Approvals Slowing


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Despite the trumpeted mini flurry of sales to those trying to 'get in' before the stamp duty holiday ended, the pinprick bounce has already ended.

Now with interest rates edging up in the markets, the special liquidity scheme ending, the ridiculous new build govt backed mortgage scheme wobbling and unemployment clearly rising, the house market has nowhere to go....does it?

http://www.telegraph.co.uk/finance/personalfinance/insurance/mortgage/9173410/Mortagage-approvals-drop-to-three-year-low.html

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Despite the trumpeted mini flurry of sales to those trying to 'get in' before the stamp duty holiday ended, the pinprick bounce has already ended.

Now with interest rates edging up in the markets, the special liquidity scheme ending, the ridiculous new build govt backed mortgage scheme wobbling and unemployment clearly rising, the house market has nowhere to go....does it?

http://www.telegraph.co.uk/finance/personalfinance/insurance/mortgage/9173410/Mortagage-approvals-drop-to-three-year-low.html

As someone said on 'Wake Up To Money' on Fivelive this morning - think it might have been Henry Pyror? - those who rushed to beat the stamp duty holiday ending if they had waited a month the drop in house prices would have paid the stamp duty anyhow.

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The government announces that 'due to the need for economic stability the savings of the prudent will be confiscated and allotted to those hard working families seeking housing independence' :P

Although I shouldn't joke.

Er - isn't this what's been happening for about 3 years now?

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Yeh, and when they tell you this stealth theft is to slow 'just hand over the actual money' ;)

Or no, they are supporting the economy, not hurting savers, securing growth, not printing money, supporting the banks 'the right thing to do' B)

a.k.a....giving the public's money to their mates.....isn't that what governments do :rolleyes:

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As someone said on 'Wake Up To Money' on Fivelive this morning - think it might have been Henry Pyror? - those who rushed to beat the stamp duty holiday ending if they had waited a month the drop in house prices would have paid the stamp duty anyhow.

That's the problem with all these props, they end with yet more miss allocation of wealth. In this case the fools being egged on into the housing market on the belief they are actually saving something only to end up losing the saving and much more.

Of course on the other side of the trade are the sellers who have lined their pockets with an even bigger wad, on top of the rest of the unearned riches their shacks have returned.

The tragedy here is it's mainly the younger folk who are getting sucked into this scam...

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