Wednesday, May 11, 2011
It’s the Spring Slump.
Mortgage applications for house purchase were down an astonishing 20.9% in April, compared with March. Remortgage applications also plummeted, down by 26.7%. Despite the steep monthly falls, figures for house purchase loan applications were back to where they were a year ago, showing that the housing market has really been a case of one step forward, one step back. According to the latest National Mortgage Index compiled by the Mortgage Advice Bureau, which largely operates from estate agency branches, and London brokers Coreco Group, mortgage applications in April were just 0.1% down on April 2010. The average loan size on mortgage applications in April was Â£124,328 compared to Â£127,546 in March, a decrease of 2.5%.â€¨