Tuesday, November 30, 2010
A painted clock is right twice a day
"MORTGAGE approvals reached an eight-month low in October, according to official data released yesterday. The Bank of Englandâ€™s lending figures showed that only 47,185 mortgages were approved. A healthy UK housing market would record closer to 80,000 mortgages per month. The news pours more misery on the housing market, after recent figures showed a similar decline. On Sunday the property website Hometrack reported a 4.3 per cent fall for November in the number of new buyers registered with agents. Their survey also showed a fall in house prices for the fifth consecutive month, as prices dropped by 0.8 per cent on October... â€œHouse prices will trend down to lose around 10 per cent from their peak 2010 levels by the end of 2011,â€ said Howard Archer of IHS Global Insight."