Tuesday, February 12, 2008

Boom ends

Home loans drop 35%, lenders say

The number of new mortgages granted to home buyers slumped to just 62,000 in December 2007, according to the Council of Mortgage Lenders (CML).

Posted by doomwatch @ 12:49 PM (2995 views)
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2 thoughts on “Boom ends

  • ‘”Affordability has been stretched further in 2007 but the recent base rate cuts and the expectation of future cuts will ease debt servicing burdens in 2008,” said the CML’s director general Michael Coogan.’

    So the will be lots of cheap money available for mortgages this year? Is this the best spin the CML can think up? 😀

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  • We will ignore that affordability was stretched by 2006 and the only thing that kept it going was cheap liquidity. Now that liquidity is gone, there is no way that affordability has returned i.e. prices would have to fall to 2005 levels in the new and realistic interest rate/ available income multiple environment, for affordability to be anywhere near sustainable affordability levels.

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