Mortgage approvals plunge !!!

ultra10

http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/07/23/bcnbba123.xml]

Mortgage approvals have dropped by almost a quarter in a SINGLE month to a record low ... !! :eek: ....The crash is well under way it would appear ..

RichardDJ

Yeah the BBC covered that one too..

Is it just me or does it appear that Crash Gordon and his cohorts don't appear to be doing anything?! sure there is the new rent to own scheme, but lets face it..consumers are so apprehensive about the situation we're all just sitting tight to see what happens.

adr0ck

more info here

http://www.bba.org.uk/bba/jsp/polopoly.jsp?d=145&a=14300

brit1234

RichardDJ wrote: »

Yeah the BBC covered that one too..

Is it just me or does it appear that Crash Gordon and his cohorts don't appear to be doing anything?! sure there is the new rent to own scheme, but lets face it..consumers are so apprehensive about the situation we're all just sitting tight to see what happens.

What can he do and why should he? The simple fact is the housing market is bloated and overvalued. The greed could only continue so far before the system failed, this is part of the much needed correction that should of happened in 2005.

The quicker and harder this is over the better for the country. Then maybe we can have houses at normal prices rather than those at double the price based on speculation.

ultra10

brit1234 wrote: »

What can he do and why should he? The simple fact is the housing market is bloated and overvalued. The greed could only continue so far before the system failed, this is part of the much needed correction that should of happened in 2005.

The quicker and harder this is over the better for the country. Then maybe we can have houses at normal prices rather than those at double the price based on speculation.

Quite so .. many seem to think there is a magic Solution to this problem...there isn't !!! ... Its a consequence of the last 3 or 4 years of Lunacy where Real estate became vastly over-inflated, it must deflate to a long term sustainable level, there is no other way... end of !!!!

trudiha

I think that plunge is a much better word than plummet and I'm glad to see it being used here.

BTLNEWbie_3

RichardDJ wrote: »

Yeah the BBC covered that one too..

Is it just me or does it appear that Crash Gordon and his cohorts don't appear to be doing anything?! sure there is the new rent to own scheme, but lets face it..consumers are so apprehensive about the situation we're all just sitting tight to see what happens.

They are just deciding what else they can ruin ie pensions.

epz_2

from my reading of the stats only 4,012 people bought new homes with mortgages last month (21,118*0.19), doesnt rightmove have something like 1.5 million advertised.

bubblesmoney

with average annual house hold income to average price ratio of 5.9 for uk obviously the crash was long overdue. no matter what the shaortage of houses blah blah blah, bottom line is if the average joe on the street cannot afford to pay then he cant buy, so the crash is overdue.

did someone long ago say "if the people cant afford the bread then why dont they have cake". guess that fits the shortage of houses situation.

chrisandanne

It was Marie Antoinette...when told the peasants were starving and had no bread..she said 'then let them eat cake'...Nothing changes.

BTW the peasants cut her head off.

A x

Guy_Montag

epz wrote: »

from my reading of the stats only 4,012 people bought new homes with mortgages last month (21,118*0.19), doesnt rightmove have something like 1.5 million advertised.

No, it's 21k for house purchase, which makes up 19% (by value/by number??) of all mortgage lending.