BOE -64% YOY for mortgage approvals (42,000 in May)

oldMcDonald

Not sure if this has been posted:

The number of new mortgages being approved for house purchase in Britain has dropped heavily for another month.
The Bank of England said 42,000 homes were approved in May, a 28% fall compared with the previous month and 64% down on a year ago.
This is the lowest since the Bank began reporting the figures in 1993 and lower than many analysts' predictions. Mortgage lending has slumped owing to the credit crunch with institutions reducing their willingness to lend.

From the BBC

Link

Think I may revise my prediction for Nationwides figures down a bit more than the -2.8 I reckoned on the other thread!

abaxas

:O

Housing 'market' gubbed, recession likely, etc.

Question is, how long before we get the firesale?

lostinrates

Oh my goodness.

That's massive.

However far in the 'right' direction this is going for any of us personally its still absolutely terrifying.

ultra10

wow !!! 64 % down on june 07 !! :eek: that is just scary !!

WTF?_2

The market is indeed falling off a cliff.

Won't be too long now before we are in full-blown panic mode. Incredibly, the general public still seem to be pretty ignorant of everything that is happening.

Three cheers for the internet, at least if you take an interest in the workings of finance and the economy (which directly affect you) then the info is there.

It'll probably take mass unemployment for people to finally realise just how deep the doo-doo they are standing in, is. When your income is unemployment benefit, servicing that 10k of credit card and loans debt suddenly becomes more than just an annoying drain on your disposable income.

tradetime

The pain for homebuilders ramps up.

dannyboycey

Hands up who still thinks there's no crash! Brodders? Is that a tumbleweed I just saw.....:p

sho_me_da_money

Not to sound insensitive but it's about time rip-off Britains housing market crashed.

Finally, maybe just maybe, the students and those getting paid crap wages will get a chance to jump on the property ladder.

neverdespairgirl

sho_me_da_money wrote: »

Not to sound insensitive but it's about time rip-off Britains housing market crashed.

Finally, maybe just maybe, the students and those getting paid crap wages will get a chance to jump on the property ladder.

I'd rather those people were given the chance to own a home at a reasonable price, leaving ladders out of it.

overlander

Yes the internet is great, i started looking closely at finances and the housing market about 3 years ago. Because of the internet i seen this coming for years, it was just a matter of time.

It is staggering the ignorance of people just wandering about who know nothing about what is a about to hit them. This is getting even more serious than even the worse doom monger could have predicted a year ago. Its the speed of this implosion which is the biggest surprise.

But thing do need to change, went for 3 coffees and one sandwich at the weekend and the bill came to £15. Now thats all very well in the era of free money, but thats all changed now, cannot wait until we start to see sensible prices again. The era of free money has gone, this will become apparent to all the folk who are ignorant to all this very soon.

tradetime

cannot wait until we start to see sensible prices again.

I wouldn't hold your breath, that's unlikely to happen generally anytime soon.