Tuesday, October 4, 2011
Some good news..
Eurozone crisis to constrain UK mortgage lending for a year
The crisis in the eurozone is already affecting UK mortgage lenders’ funding costs and is likely to restrain mortgage lending for the next year, according to Capital Economics. In a UK housing market update published today, Capital Economics says that while mortgage lending has strengthened in recent months, European financial woes mean a full recovery in lending should not be expected any time soon.
Posted by khards @ 12:37 PM (2695 views)
6 thoughts on “Some good news..”
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drewster says:
So in plain English, house prices set to fall for at least the next six months.
Northern Bear says:
I have just checked Rightmove for the areas I watch using Property Bee, and every single house which was listed as ‘sold’ or ‘under offer’ is now ‘available’, some 25-30 houses in three different areas. This can only be that the banks have all simultaneously pulled their mortgage offers! What is going on? Anyone got any clues?
khards says:
I feel 0.5% per month at least should be achievable in the current climate.
Makes that -6%+ by March, ready for the spring flop of +3%
drewster says:
-6%, or for the typical £160,000 house a saving of nearly £10,000.
khards says:
£10,000 is more than my £5100 cost of renting between now and then.
Lets not forget the 25/30 years of interest on that £10,000.
Cypher007 says:
@2
its probably two things. houses that are reasonably priced sold, but then the vendors couldnt find another reasonably priced property to move to. or, as is more likely, the bank valued the property alot lower than the offer price.