Thursday, January 24, 2008

Mortgage lending for house purchase 50% down

UK December mortgage approvals fall to a record low - BBA

The slowdown in the UK housing market appeared to accelerate in December, with the number of mortgages approved for house purchase falling to the lowest since records began. In its monthly analysis of the mortgage market, the British Bankers' Association said the number of mortgage approvals for house purchases was 42,088, compared to 43,944 in November. This is an all-time record low, and well below the previous six month average of 53,781.

Posted by converted lurker @ 10:19 AM (1316 views)
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14 thoughts on “Mortgage lending for house purchase 50% down

  • and this is a surprise???

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  • Boom

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  • Mark Wadsworth says:

    That is absolutely staggering! Thanks for pointing it out. I sold-to-rent last week, phew!

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  • tyrellcorporation says:

    Just under the wire eh Mark! 🙂

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  • i love your negative comments on this site they give me some sanity , but are not home sales always the lowest in december. we know whats happening , and by july my 40th they will know the fan has been covered but surely everbodys cooking radioactive bernard matthews and worrying about other things. you wait until 26th july life begins at 40. 3 months for the buy to leavers to get stuck in .

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  • Rentinginthesouth says:

    Ivmreader… don’t you mean BUST?! 😉

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  • converted lurker says:

    no surprise Mark but this is IMHO the first inclusion containing the rejections due to the credit crunch, previous reductions had more to do with 5 interest rate increases.

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  • converted lurker says:

    Mak W, balls of steel mate, nice play ;¬)

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  • Yogi's Friend says:

    It’s been a long winter – but the Bears are finally having a picnic!

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  • Good point converted lurker – it would be interesting to see the number of applications vs approvals which would give us a better picture – in the meantime when the likes of GMAC and First National continue to tighten their lending criteria the downward trend in approvals looks set to accelerate and this will further undermine UK house prices.

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  • Mr Wadsworth – your timing is impeccable. I only wish mine had been so good – although I knew I was selling early but lifestage meant that if I wanted to go travelling I had to do it sooner rather than later.

    I take my hat off to you!

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  • Yogi's Friend says:

    inbreda – Given the time it can take to sell a property even in a buoyant market the percentage play imho was to cash in a year or so ago.

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  • Mark Wadsworth says:

    Thanks for comments! However, I did mess up with my investment properties, I sold one a year from 2002 until 2005. So I jumped the gun by about two or three years there. In the meantime (via Dave Wetzel of the Labour Land Campaign, thanks Dave!) I have met Fred Harrison, who yonks ago worked out that house prices go in 18 cycles (give or take a year), i.e. peaks at 1954, 1972, 1990, 2008.

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  • Rentinginthesouth says:

    Mark W… [Shock!] – are you a BTLer?! 😉

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