Thursday, July 26, 2007

Dramatic slowdown in mortgage approvals for house purchase

Mortgage approvals for house purchase down 11% compared to 2006

"Although the trend in net mortgage lending is being maintained, approval numbers for house purchase are well down on this time last year, suggesting that market demand may be reacting to higher mortgage costs. Spending on credit cards was lower than at the same time last year, reflecting weaker retail sales but the reducing appetite for unsecured borrowing continues the pattern seen over the last two years."

Posted by converted lurker @ 10:41 AM (552 views)
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One thought on “Dramatic slowdown in mortgage approvals for house purchase

  • C’mon folks! where is David_2004?

    “There were 193,850 mortgages approved (for all purposes) in June; 8% fewer than in June 2006, with an aggregate value of £23.1bn. The average loan approved for house purchase was £159,600, some 16% higher than a year earlier.”

    Nationwide and Halifax house price statistics are a scam: with only the more expensive properties selling the house price has been falling for a few months now and the lenders have been cooking these figures. Wake up, we have been in full crash since after Easter.
    8% lower sales volumes y-o-y?…. any other business would be calling in the “cleaners” at this point

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