Tuesday, October 14, 2008

Lending for homebuying hits record low in August

Lending for homebuying hits record low in August

The number of people borrowing money to buy a property fell to a record low of 42,200 in August, the Council of Mortgage Lenders (CML) said today. The value of mortgages approved for house purchases was £6bn, the lowest level since the association began collecting data in January 2002 and £10bn below last August's figure. Gross lending fell to £19.7bn, a drop of 20% compared with July and 42% down on August 2007.

Posted by peter_2008 @ 11:33 AM (457 views)
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3 thoughts on “Lending for homebuying hits record low in August

  • mark wadsworth says:

    But there were still 15,600 FTBs!!!

    It just goes to show, there’s one born every 2 minutes 52 seconds!

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  • Their maths don’t stack up.

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  • If the average FTB loan was £106,754 Which was an average of 3.18x salary and the average value of a FTB purchase was £155,409. This would indicate that there are 15,600 FTB last month who earn an average of £35,000 a year and have £48,655 deposit.

    Now I find this hard to believe, but thats what the stats say. So it does seem there are people out there with huge savings willing to invest in a falling market. It must be a strange type of person who saves all this money ( I am assuming over a period of atleast a few years) and then dives in when price declines are effectively increasing the value of those savings dramatically! I just don’t understand how a personality like that can exist. Maybe they are people being given a massive deposit by their parents, but even this doesn’t stack up if Mewing is on the decline.

    I just don’t get it.

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