Monday, October 31, 2011

End To The Revival That Never Was

Mortgage approvals start falling, Bank figures suggest

The number of new mortgages approved for home buyers, but not yet lent, fell in September for the first time in five months. The Bank of England said approvals for home buyers were 50,967 in September, down 1,380 or 4% from August. The figures suggest that this year's modest revival in sales has ended and that mortgage related sales may fall again in the coming months.

Posted by rantnrave @ 11:46 AM (874 views)
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7 thoughts on “End To The Revival That Never Was

  • mark wadsworth says:

    It’s all falling to bits most gloriously.

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  • if only I hadnt bought a house.

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  • The housing market usually kicks off in September, and as far as I can see, these are not ‘seasonally adjusted’ numbers – so very significant.

    ~~~

    The sudden wake-up call today re. eurozone growth forecasts is also pretty dramatic. All eyes must be on Italy, where a ‘victim culture’ does seem to be part of the national psyche..

    ..my strong suspicion is that the bailing out of Greece will tend to remove any sense of imperative on the part of Italian politicians and their electorate to resolve their economic woes; and that they will default on any promises made to square their books.

    With debt at 120% GDP and little prospect for sustainable growth, they are close to the point of no return, however hard they try; and my guess is that they simply won’t make the effort now..

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  • mark wadsworth says:

    Inbreda, did you get a signed waiver from Mrs Inbreda that it was her decision?

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  • tbh mark, given how many years I have ranted on about not wanting to buy a house to anyone who would listen, I didnt think I needed her to sign anything. However, in true “Mrs” style she is now saying that it was my fault because she was happy to rent somewhere so long as it was bigger than the rental that we were in at that time. Of course with having 2 jobs I never had time to organise viewings of rentals, and she only organised viewings of sale property, so it was pretty inevitable what would happen. 1 Convenient rewrite of history and it will all be my fault that I have to spend the next 25 years working 2 jobs when it all could have been avoided.

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  • sibley's b'stard child says:

    Inbreda, sounds like we’re married to the same person. We’d best cross-check our diaries.

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  • mark wadsworth says:

    Inbreda, SBC, I’m awfully sorry to hear that, Mrs W is much the same, and I remind her all about notional costing (provided annual fall in value of houses = more than our rental expense minus interest earned), then we are better off staying put (so far, we are slightly ahead on the deal, albeit not as much as i hoped). Luckily she knows all about cost accounting and notional costing, the problem is just reminding her that it applies in REAL LIFE and not just in the exam room.

    However, the last word is that I tell her she can sign a waiver saying she’d cut back her shoe and clothing expenditure by the amount of any capital losses we suffer if we buy now, and that normally defers the discussion to a later date.

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