Monday, June 4, 2007

Isn’t exactly any “proof” but looks promising

First proof of decline in housing market

The first cracks in the housing market emerged yesterday as the number of new mortgages fell to its lowest level in a year. The number of new approvals slowed to 107,000 in April, official figures from the Bank showed, down from 112,000 the month before and the lowest such figure since April 2006.

Posted by confused76 @ 10:53 AM (331 views)
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4 thoughts on “Isn’t exactly any “proof” but looks promising

  • dohousescrashinthewoods says:

    Mainstream press touting a slowdown?

    It’s not like there’s an a) MPC meeting this week b) Brown’s boom relies on housing wealth and c) he has his han firnly up the reat ends of the MPC glove muppets.

    I expect a rate cut. Worked a treat last time.

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  • love the reader comments at the bottom of this article.

    The last ten years has been a game of catch-up. The
    “market” will level at the average this half of the century
    which is 12%.

    The London boom has been created by foreign money
    not subject to our interest rates.

    Just more broken record scare stories for me.House
    prices will comtinue to rise whether British people can
    afford them or not……………………

    which is what is happening now. anyway.

    m walker, Bromsgrove, worcestershire

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  • What’s interesting at the moment is the tone of these articles, which is far more negative than at any other time in the current boom, including 2005. I think the press are collectively starting to conclude that there is an appetite for the “crash” story (right or wrong) and are increasingly going for it. This is particularly relevant in a market fuelled almost entirely on confidence.

    Even six months ago virtually every story like this concluded with a couple of paragraphs saying “However, industry experts continue to confidently predict that houses will double in value every year etc etc etc”. Not the case any more.

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  • “House prices will comtinue to rise whether British people can afford them or not…………………… ”

    Yes, and the value of my fingernail cutting is rising in value whether people can afford it or not. I just ignore them if they can’t. My fingernail is very very precious and nothing can detract from it’s value. Ever.

    Look a shooting star! Make a wish!

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