Tuesday, November 30, 2010

A painted clock is right twice a day

UK housing slump continues

"MORTGAGE approvals reached an eight-month low in October, according to official data released yesterday. The Bank of England’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... “House prices will trend down to lose around 10 per cent from their peak 2010 levels by the end of 2011,” said Howard Archer of IHS Global Insight."

Posted by mark wadsworth @ 10:02 AM (1335 views)
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6 thoughts on “A painted clock is right twice a day

  • sibley's b'stard child says:

    However, the data held some positive news, as net mortgage lending increased to £1bn from £0.2bn. And according to Richard Sexton of chartered surveyors e.surv, this reflects a tiered housing market in which wealthy people are continuing to buy.

    Yay, can I get a ‘whoop-whoop’!

    This is indeed fantastic news.

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  • The next issue will be “Early Snow knocks houseprices” yet the bankrupt irish and greeks will be buying up high end london.. yeh yeh

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  • SBC, a typo there I think. Shouldn’t that read: “a tiered housing market in which gullible wealthy people are continuing to buy.”?

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  • sibley's b'stard child says:

    Yes, MW, that works for me as well.

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  • ‘whoop-whoop’

    It is full steam ahead for the plan to have a full blown society of haves and have-nots. Provided you were born early enough and got your foot on the dreaded property ladder early enough then you’ll be set for life, TPTB will guarantee it. You only have to look at the way the young are being stung for everything now, there is simply no way for them to buy into the dream their parents had. The latest tuition fees are the final nail in the coffin for anyone who had plans of trying to get ahead in this country.

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  • I hate to state the bleedin’ obvious but wouldn’t you expect wealthy people to be able to buy expensive things like houses?

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