Wednesday, September 12, 2007

David, David… prices did go up yesterday, but will go down tomorrow

Fall in mortgage applications as interest rate rises bite

"Further evidence of a slowing housing market has emerged as the latest figures from the Council of Mortgage Lenders (CML) reveal that the number of people taking out home loans fell in July. The number of mortgages taken out for house purchases dropped by 8 per cent in July, from 102,000 to 94,000" 8% drop... wow! One question springs to mind, where is the booming demand?

Posted by confused76 @ 10:05 AM (869 views)
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2 thoughts on “David, David… prices did go up yesterday, but will go down tomorrow

  • Didn’t a posting yesterday point out that the slump in America was caused by increased supply and decreased demand.

    Isn’t this confirming the same possible outcome here?

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  • captain sensible says:

    I’ve decided to boycott the (paper version) of the Times as they seem incapable of reporting a negative housing market story without giving one or more property professionals the opportunity to talk the market back up. Hopefully, if others take this line and sales fall we might actually get a bit more balanced reporting.

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