Ash4781 Posted March 10, 2008 Share Posted March 10, 2008 http://www.ifaonline.co.uk/public/showPage...PageName=741135 Mortgage approvals drop 40%Monday 10th March 2008: 08:00 By John Bakie Mortgage approvals fell 3.5% in February following a slight recovery in January, according to Connells Survey & Valuation. Seasonally adjusted figures show approvals dropped from 74,000 in January to just 71,400 in February. Connells says last month was the weakest February since Bank of England records began in 1993. The only weaker month on record is June 2005, as the market recovered from a succession of base rate increases. Approvals have declined 40.5% over the past year, from a high point of over 125,000 in February 2007, and have fallen for ten of the last twelve months, according to Connells. Ross Bowen, managing director of Connells, says: “February’s fall in mortgage approvals is not as dramatic as the fourth quarter of last year, but it does reflect both reduced appetite for borrowing and a tighter supply of lending from mortgage providers. “Money market rates have climbed again in recent weeks, keeping mortgage rates relatively high, despite February’s cut in base rates.” Connells also claims house prices have remained flat in February at £216,143, and prices rose just 4.5% over the past twelve months, slightly above the rate of retail price inflation. “Larger homes, and one bedroom properties dropped slightly in value. The market is showing no signs of a major correction however, and there are very few forced sellers. It’s becalmed – and that’s no surprise given the lack of availability of mortgage finance,” explains Bowen. The Bank of England will release official figures on mortgage approvals near the end of March. Quote Link to comment Share on other sites More sharing options...
Gone baby gone Posted March 10, 2008 Share Posted March 10, 2008 It's all about supply and demand though isn't it.....? I'll get me coat Quote Link to comment Share on other sites More sharing options...
Paddles Posted March 10, 2008 Share Posted March 10, 2008 It's all about supply and demand though isn't it.....? I'll get me coat "They're not building any more land..." I'll get me coat too, let's share a cab. Quote Link to comment Share on other sites More sharing options...
Lone_Twin Posted March 10, 2008 Share Posted March 10, 2008 "They're not building any more land..."I'll get me coat too, let's share a cab. Blimey, who's asking who up for coffee? . In case there is room for another could I just add that wealthy foreign buyers and bonuses from the banking sector will keep prices high. . ST Quote Link to comment Share on other sites More sharing options...
thecrashingisles Posted March 10, 2008 Share Posted March 10, 2008 In case there is room for another could I just add that wealthy foreign buyers andbonuses from the banking sector will keep prices high. It's a crowded island. Quote Link to comment Share on other sites More sharing options...
FernandoMorientes Posted March 10, 2008 Share Posted March 10, 2008 But surely the spring bounce.......taxiiiiiiii 'Ross Bowen, managing director of Connells, says: “February’s fall in mortgage approvals is not as dramatic as the fourth quarter of last year, but it does reflect both reduced appetite for borrowing and a tighter supply of lending from mortgage providers.' Quote Link to comment Share on other sites More sharing options...
Paddles Posted March 10, 2008 Share Posted March 10, 2008 It's a crowded island. And, wait for it, the "Mornington Crescent" of HPC...... "You can't go wrong with bricks and mortar". Quote Link to comment Share on other sites More sharing options...
Lone_Twin Posted March 10, 2008 Share Posted March 10, 2008 And, wait for it, the "Mornington Crescent" of HPC......"You can't go wrong with bricks and mortar". Well renting is dead money after all. . ST Quote Link to comment Share on other sites More sharing options...
bobthe~ Posted March 10, 2008 Share Posted March 10, 2008 Can I just mention that these figures are not as bad as the middle ages? And that the 71400 will have been seasoned higher? Quote Link to comment Share on other sites More sharing options...
thirdwave Posted March 10, 2008 Share Posted March 10, 2008 It's a crowded island. The immigrants have to live somewhere (even if its 5 to a room) Quote Link to comment Share on other sites More sharing options...
Leonard Hatred Posted March 10, 2008 Share Posted March 10, 2008 There's never been a better time to buy. Quote Link to comment Share on other sites More sharing options...
drrayjo Posted March 10, 2008 Share Posted March 10, 2008 And, wait for it, the "Mornington Crescent" of HPC......"You can't go wrong with bricks and mortar". That reminds me, did anyone watch C4's Love And Money last night? Poor pair of love-crossed dimwits manage to lose a packet on a pub; result - distressed sale of solitary asset - house. It was odd hearing the mantra "it's bricks and mortar" from the poor woman used over and over again in reference to liquidating a property asset rather than investing in one to try and save their bacon. It goes to show what a hollow, "buzzwordy" term it really is; a horrible, meaningless trope most people use because they heard someone "authoritative" say it, like I did once, when I was a small naive sprout! And it's so flexible, so modern, that it's flipping 180 degrees in meaning right now... Watch it mutate from the softheaded "something to do with solid investment", to popular associations with albatrosses, millstones, desperate last measures and horrible, car crash financial mistakes. Quote Link to comment Share on other sites More sharing options...
thecrashingisles Posted March 10, 2008 Share Posted March 10, 2008 Well renting is dead money after all. Oh no, we'll get stuck on the "Dead Money Loop" now. Quote Link to comment Share on other sites More sharing options...
King Stromba Posted March 10, 2008 Share Posted March 10, 2008 Its never been a better time to buy Quote Link to comment Share on other sites More sharing options...
bomberbrown Posted March 10, 2008 Share Posted March 10, 2008 Well renting is dead money after all.. ST Gah! I heard this on 'To buy or not to buy' only this morning. :angry: Quote Link to comment Share on other sites More sharing options...
ParticleMan Posted March 10, 2008 Share Posted March 10, 2008 (edited) It's different this time. Cash-rich foreign investors will use their record bonusses to snap up all the quality properties in good areas on the dips. Investors are in it for the long term and won't sell if prices fall - it's their pension*. (* sounds like a fair swap to me). Edited March 10, 2008 by ParticleMan Quote Link to comment Share on other sites More sharing options...
Oliver Sutton Posted March 10, 2008 Share Posted March 10, 2008 Oh no, we'll get stuck on the "Dead Money Loop" now. But I don't want to pay my landlord's mortgage. Quote Link to comment Share on other sites More sharing options...
OLDFTB Posted March 10, 2008 Share Posted March 10, 2008 Interest rates are still relatively low. It's a new paradigm It's different this time Quote Link to comment Share on other sites More sharing options...
ParticleMan Posted March 10, 2008 Share Posted March 10, 2008 Interest rates are still relatively low. And the economy's booming. Quote Link to comment Share on other sites More sharing options...
Lone_Twin Posted March 10, 2008 Share Posted March 10, 2008 Also if prices fall I will just increase my portfolio. . ST Quote Link to comment Share on other sites More sharing options...
Gone baby gone Posted March 10, 2008 Share Posted March 10, 2008 The UK market is underpinned by solid fundamentals. [snigger] Quote Link to comment Share on other sites More sharing options...
AteMoose Posted March 10, 2008 Share Posted March 10, 2008 And the economy's booming. inflation is historically low Quote Link to comment Share on other sites More sharing options...
ParticleMan Posted March 10, 2008 Share Posted March 10, 2008 inflation is historically low And lenders are coming out with innovative, new, flexible products every day. There's really never been a better time to buy. Quote Link to comment Share on other sites More sharing options...
Oliver Sutton Posted March 10, 2008 Share Posted March 10, 2008 And lenders are coming out with innovative, new, flexible products every day.There's really never been a better time to buy. Because prices won't drop - the government won't allow it. Quote Link to comment Share on other sites More sharing options...
ParticleMan Posted March 10, 2008 Share Posted March 10, 2008 Because prices won't drop - the government won't allow it. Besides, improvements to the housing stock will clearly support a permanently high plateau in prices. Quote Link to comment Share on other sites More sharing options...
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