We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
Debate House Prices
In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non MoneySaving matters are no longer permitted. This includes wider debates about general house prices, the economy and politics. As a result, we have taken the decision to keep this board permanently closed, but it remains viewable for users who may find some useful information in it. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Mortgage lending at 34-year low
BlondeHeadOn
Posts: 2,277 Forumite
From article just posted on the BBC - link here:
http://news.bbc.co.uk/1/hi/business/7885398.stm
The number of mortgages lent to house buyers fell last year to its lowest level since 1974, the Council of Mortgage Lenders (CML) has said.
There were just 516,000 mortgages granted to house buyers, down 49% from the level seen in 2007.
The squeeze on mortgage funds has seen widespread rationing by lenders, which meant that first-time buyers had to put down an average deposit of 22%.
The CML believes that lending is likely to fall even further this year.
"The shortage of mortgage funding and reduction in the number of active lenders has reshaped the mortgage landscape in the space of a year," said Michael Coogan, the CML's director general. "This low level of transactions is insufficient for the functioning of an efficient market," he added.
http://news.bbc.co.uk/1/hi/business/7885398.stm
The number of mortgages lent to house buyers fell last year to its lowest level since 1974, the Council of Mortgage Lenders (CML) has said.
There were just 516,000 mortgages granted to house buyers, down 49% from the level seen in 2007.
The squeeze on mortgage funds has seen widespread rationing by lenders, which meant that first-time buyers had to put down an average deposit of 22%.
The CML believes that lending is likely to fall even further this year.
"The shortage of mortgage funding and reduction in the number of active lenders has reshaped the mortgage landscape in the space of a year," said Michael Coogan, the CML's director general. "This low level of transactions is insufficient for the functioning of an efficient market," he added.
0
Comments
-
Good news. The days of any half-wit that wants a mortgage actually getting one should be over for good.Krusty & Phil Madoff, 1990 - 2007:
"Buy now because house prices only ever go UP, UP, UP."0 -
I thought the Government was going to sort this out as a condition of the bank bailout. Banks have to lend at 2007 levels.
Don't bankers read the papers any more? Standards have slipped since I left, clearly.0 -
I thought the Government was going to sort this out as a condition of the bank bailout. Banks have to lend at 2007 levels.
Don't bankers read the papers any more? Standards have slipped since I left, clearly.
I think they've been spending too much time reading their projected balance sheets instead.
Rather inconveniently for government policy, they've rediscovered business sense in a big way when it comes to lending.--
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 -
I thought the Government was going to sort this out as a condition of the bank bailout. Banks have to lend at 2007 levels.
Don't bankers read the papers any more? Standards have slipped since I left, clearly.
Gen, playing to the gallery, I thought you were above that
'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0 -
Gen, playing to the gallery, I thought you were above that
Perhaps I am just a little. If I was really doing that I'd say something like, "String up all the bank cashiers. They were all in it up to their greedy necks".
It does show how silly all this Government Grandstanding is however.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.3K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards