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BBC - Mortgage approvals still falling
Cannon_Fodder
Posts: 3,980 Forumite
"Bank of England figures show that just 32,000 mortgages were approved, 1,000 fewer than in the previous month."
http://news.bbc.co.uk/1/hi/business/7758095.stm
"The value of mortgages loaned during October was almost 70% down from September to £459m - the second lowest figure on record and only 6% of the level just one year ago."
http://news.bbc.co.uk/1/hi/business/7758095.stm
"The value of mortgages loaned during October was almost 70% down from September to £459m - the second lowest figure on record and only 6% of the level just one year ago."
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Comments
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Mortgage approvals dropped again in October, suggesting that house sales and prices have further to fall.
Bank of England figures show that just 32,000 mortgages were approved, 1,000 fewer than in the previous month.
The number of mortgages approved, but not yet lent, is a good indicator of medium-term trends in lending.
The UK housing market has already seen prices fall by between 10% and 15% in the past year, with sales down by more than half.
"An extremely weak set of Bank of England mortgage approvals and lending data suggest that house prices still have a long way to fall," said Howard Archer, chief UK economist at IHS Global Insight.
"Housing market activity is exceptionally low compared to long-term norms."
Unprecedented situation
Approvals have slumped by 74% in the past year, under the impact of the global credit crunch which has forced banks and building societies to ration their mortgage lending.
http://news.bbc.co.uk/1/hi/business/7758095.stm...much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.0 -
Canon Fodder beat you by a minute
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Every pound less borrowed (to buy a house) is more than two pounds less to repay and more than three pounds less to earn, over the course of a typical mortgage.0 -
Cannon_Fodder wrote: »"Bank of England figures show that just 32,000 mortgages were approved, 1,000 fewer than in the previous month."
http://news.bbc.co.uk/1/hi/business/7758095.stm
"The value of mortgages loaned during October was almost 70% down from September to £459m - the second lowest figure on record and only 6% of the level just one year ago."
Bloody Doom Monger!
I think all these interest rate cuts and hairbained govt schemes may well be 'pushing on a string'. The only way to hold the market up is to inflate the currency like crazy.
The question is, when will it hit?--
Every pound less borrowed (to buy a house) is more than two pounds less to repay and more than three pounds less to earn, over the course of a typical mortgage.0 -
They need our savings thats why, no more packaging up our sub-prime 125% LTV crap and selling it on, no more going to the markets and saying 'please sir, can I have some more', they need deposits so they can lend.
Unfortunately for the banks, Gordon is doing his best to get people not to save and for everyone to keep blowing what they haven't got....... and then he wants the banks to lend what they haven't got either !!
I wonder when the penny will drop ?0 -
Two minds, and but a single thought.......much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.0
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<mutter mutter grumble grumble>...much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.0
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Its a race for the doom mongers trophy.:D0
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Oi, stop extending this thread, post on mine...
Oh, I see what I have done, there...
Oops.0 -
Feel free to post where you like, sweetie-pie!
I'll even give you a kiss :kisses3:...much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.0 -
And I have taken out 2 mortgages this year (redeemed 1)
I must account for 1 month now at least.:D0
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