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anonlymouse

Mortgage approvals at six month low

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REUTERS: UK mortgage approvals fall to six-month low as Brexit hits housing market

BBC: Mortgage approvals dip for second month

Quote

The BoE said on Thursday the number of approvals of mortgages for house purchases fell to 66,837, below the median forecast of 67,400 in a Reuters poll of economists and its lowest level since September of last year.

The BoE said net mortgage lending, which lags approvals, rose by 3.105 billion pounds in March, compared with a forecast for an increase of 3.4 billion pounds in the Reuters poll.

In year on year terms, the increase in mortgage lending was the weakest since November 2015.

The data also showed a further slowdown in the year-on-year pace of borrowing by consumers, another signal of how households are reining in their spending in the face of rising inflation after last year's referendum decision to leave the European Union.


 

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And this is with all those cheap mortgage deals..?  Oh dear.

I note also on a recent thread how the banksters are accepting lower and lower deposits in an attempt to generate business and entrap new victims but they can't be accurately reflecting risk...they are in a tight spot either way.  When you think that only a few years ago they required over 20% when prices were considerably lower..their position now looks desperate.  But they must have known that this all inevitable outcome of recent tactics...I can only assume the key players expected to get their bonuses and retire to Tuscany before the music stops...

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Terrible news eh. People not signing up for stupid amounts of debt ... but but the MONTHLY payments are low, that's all that matters.

... prices going up, fuel, food, transport, no pay rises, inflation - bubblicious.

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If the lemmings are not signing up.. the normal economic thinking is make then an offer.. maybe buy two, get the third one for free ^_^

Or make mortgages so cheap, to the point of paying you monthly to borrow from them B)

Or simply make the purchasing item cheaper, which leads to deflation... everyone's expecting it to be cheaper than last month, and wait for it to bottom out. ?

Local consumers are broke, international consumers are worried about the currency fluctuations... sounds like the precursor to a meltdown... :lol:

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