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BBC: Home-buyers take out 10% fewer mortgages

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Home-buyers take out 10% fewer mortgages

https://www.bbc.co.uk/news/business-45966357

Further evidence of the slow-down in the property market has emerged, with fewer people taking out new mortgages to buy a home.

Britain's High Street banks approved 38,505 such loans in September, a drop of 10.1% on the same month last year.

It is the third month in a row that the number of approvals has fallen, and is the lowest total since March.

Experts at Capital Economics said there were now likely to be fewer mortgages approved this year than in 2017.

"In big picture terms, mortgage lending has struggled to make any sustained progress since 2013, and today's data confirm that this remains the case," said Hansen Lu, property economist with the group.

The figures, from UK Finance, also show that fewer people re-mortgaged last month, after a rush of activity in August, when the Bank of England raised interest rates.

"There are also signs that the hike in interest rates and nervousness around house prices due to Brexit have put people off buying, with the number of new mortgages falling to a seven-month low," said Laura Suter, personal finance analyst at AJ Bell.

Credit card spending continued to rise during the month, to £10bn, 3.4% higher than in September last year.

But the figures show that most of that money is being re-paid.

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1 hour ago, cashinmattress said:

Less mortgages; however, the gross mortgage amount has hardly dipped.

 

Quite, but I think it's been going on for some time. The number of mortgages never recovered from the GFC but mortgage lending quickly did. So clearly it has been fewer people taking on much bigger debts, often with the 'help' of government through the misuse and abuse of the taxes we are all obliged to pay.

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'Britain's High Street banks approved 38,505'

20 years ago, when there was a normalish market, the average monthly sales of mortgages was 80k-100k.

The headline should read - mortgages sales down 70%.

Id love to see where these mortgages are. Id bet ~50% are London./SE, meaning 'rest of UK' is having to survive o ~20k of mortgages. Which explains why only a handful of houses sell every motnh in the northern areas I follow.

Tje propblem is not the price of mortgages - I got a 5 years fix @ 1.4%.

Its the fact BoE let Brown allow the banks to pour so much credit into housing, distorting the price/earnings.

Andthats where th UK remains, 10 years after the wheels fell off. In a slighly worse condition down to Gidiots not havign the balls or the sense to just let Browns bubble collapse.

 

 

 

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" Home-buyers take out 10% fewer mortgages "  they can't bring themselves to state fact can they, and just say  " 10% drop in mortgage approvals "  

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  • 152 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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