Monday, June 30, 2008

Severely damaged banks being more conservative

New low for UK mortgage approvals

''The number of new mortgages being approved for house purchase in Britain has dropped heavily for another month. The Bank of England said 42,000 homes were approved in May, a 28% fall compared with the previous month and 64% down on a year ago. ...

Posted by hpwatcher @ 10:08 AM (944 views)
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6 thoughts on “Severely damaged banks being more conservative

  • The really irritating thing about the BBC is that they portray the ‘hordes of potential first time buyers’ as the biggest victims of the credit crunch when they are the biggest beneficiaries.

    This story of the 27 year old credit controller is an example of how the BBC says one thing, but when you read the detail you see that the couple are suffering because they bought a house, not because they carried on “throwing money down the drain” as the BBC puts it.

    In other words its precisely because they listened to the BBC’s property pornfesta that they are in their current unfortunate circumstances.

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  • converted lurker says:

    yep, the meek will inherit to 2 bed terraces at 3.5 times income etc.. but at this precise moment they’re still frozen out – due to high prices and lack of mortgage product over 90% LTV, in that respect the meeja are correct. The future’s never looked brighter for the priced out FTB, assuming they don’t have to walk through an inner city riot after work (if there’s still a recognised functioning economy) abandoning the car en route, ‘cos it’s run out of the last drop of petrol/oil, to get 2 their 2 bed bought at auction for 50K…

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  • need-a-crash says:

    I guess it’s because the I WANT IT NOW society we live in says that if you WANT a house NOW then you should be able to have one. Anything that stops you doing that, like banks being sensible with the amount they lend you is the source of the problem.

    However I agree with you ‘paul’ its strange that despite being deliriously happy about the crashing market, the media keep telling me I’m a victim??

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  • ”…I guess it’s because the I WANT IT NOW society we live in says that if you WANT a house NOW then you should be able to have one. …”

    I want 10 million quid and a villa in the south of france RIGHT NOW!!

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  • >I want 10 million quid and a villa in the south of france RIGHT NOW!!

    In fact, by denying me this….. you are seriously infringing my human rights!

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  • justwatching says:

    Guys

    We’re missing the really funny side.
    He’s a CREDIT CONTROLLER.

    Ha Ha!

    He’s going to have to recall his own creditcards.

    He bought a 177k dump!

    Why?

    Because he thought that renting would be throwing money down the drain.
    He’s got a 100% mortgage.
    He’s in nequity.
    Renting would have been £450 a month cheaper.
    He can’t afford a Playstation, or a holiday. It says it all really about the ‘Instant Gratification generation’ (I want it, I buy it)

    More importantly though; these figures are huge.
    28% MoM, 64% YoY
    Anyone for 15%YoY NationFax drops by Nov/Dec?? (or HaliWide)

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