Friday, November 23, 2007

Mortgage approvals at lowest figure since records began!

Mortgage approvals hit record low

The number of mortgages approved by banks for house purchases fell to a record low last month, figures showed today, in further evidence that the housing market is slowing down. The British Bankers' Association (BBA) said 44,105 mortgages had been approved for purchases during the month, down from 53,997 in September and 37.4% lower than the number in October 2006. This is the lowest figure since records began 10 years ago.

Posted by cash_buyer @ 10:03 AM (746 views)
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2 thoughts on “Mortgage approvals at lowest figure since records began!

  • “The BBA’s statistics director, David Dooks, said a number of factors could have contributed to the slowdown. “Pressure on household finances, the cumulative impact of interest rate rises over the last year, the expanded application of home information packs and the consequential impact of the credit crunch may well all have a part to play in suppressing current demand and supply,” he said.”

    Not to mention the creeping realisation on the part of the populace that house prices are about to nose-dive…

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  • Somebody recently said that even if house prices do fall, it will happen over a long period and there couldn’t ever be a short sharp crash. But here we see a 37% decline in mortgage approvals in a year. That’s a short sharp crash in the mortgage market, which will surely lead to a short sharp crash in the housing market?

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