Monday, July 12, 2010
Rejoice! Credit bubble reinflated!
"The number of loans made for house purchases rose slightly in the UK in May amid a market of affordable rates, lenders have said. About 42,000 home loans were granted in May, up 2% on the previous month and 15% higher than May 2009, the Council of Mortgage Lenders (CML) said. Mortgage interest payments accounted for the lowest proportion of home movers' income for 35 years, it added... With the Bank rate at record lows, the environment for low rates has meant that homeowners' mortgage payments have also proved to be low. For those moving home, just 9.5% of average income was spent on mortgage interest payments in May - the lowest since comparative data began 35 years ago."