Friday, March 11, 2011

Dysfunctional

Why mortgage lending slumped by a quarter and house prices may fall by a fifth

Mortgage lending fell by more than a quarter in January, signalling as surely as a falling barometer that the housing market is nearing the end of the calm before the storm. Three years after the credit crisis began, the big surprise is that house prices have not fallen by more already.

Posted by dill @ 09:13 PM (3250 views)
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4 thoughts on “Dysfunctional

  • Many people in the UK realise they have over borrowed and are anxious not to make the same mistake twice. They are trying to pay off debt at the same time as meeting growing household bills while the BoE pretends price rises are insignificant. Most people I know who are getting pay rises seem to be in financial services or public servants on a guaranteed pay scale.

    We have a bloated service sector and UK private industry won’t get big, profitable contracts till our staff costs and red tape are cut – no pay rises for you guys. Anyone want to buy a tanning salon?

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  • sibley's b'stard child says:

    Fantastic article that pretty much sums-up where we are now.

    ‘CML figures show lenders typically demand 20pc deposits and Scottish Widows recently forecast the average age of first time buyers will soon reach 44. Their parents, who bought their homes a quarter of a century ago, were more likely to have done so at the age of 27.’

    Quite, my old man managed to buy a four bed terraced in his mid/late 20s (circa late 1970s) one one wage (unremarkable white collar profession) while he and mam managed to knock-out four sprogs. Fast forward 30-odd years and now two wages barely achieve the same results. That’s progress.

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  • markj69 str05 says:

    27yrs +1/4 century = 52 yrs. 52-44 = 8yrs old when starting a family. No wonder the countries finances have gone down the pan. People can’t even do basic arithmetic.

    Sib’s, i bet the whole country have similar stories to tell! My mum and husband have 2 holiday lets and a place in the uk. Retired with reasonable pensions. Holidaying on long breaks fequently. And they think they have it hard! OTOH my MIL and husband have very little. No investments, no real pension, and he’s just been made redundant aged 62. And they rent.

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  • sibley's b'stard child says:

    Aye, true MW; I just wish those stupid feckin’ Express-esque rampers realised how we – as a society – have taken a great retrograde stride thanks to their pet HPI.

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