Tuesday, April 28, 2009
More Brown shoots
"Mortgage approvals have fallen for the first time in four months, dampening talk of a property market recovery. They slumped by seven per cent in March to 26,097, according to the British Bankers' Association. All measures of mortgage lending were slightly weaker during the month than in February. 'This drop in mortgage approvals shows how fragile the "green shoots" of recovery in the housing market are,' said Seema Shah, property economist at Capital Economics. 'Rising unemployment and expectations of further house price falls will continue to weigh heavily on mortgage demand,' she added. It is the first negative data on the housing market in recent weeks, following a run of positive indications that the slump may have bottomed out." OK, Spring Offensive over, back to business!