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Mortgage approvals 'reach trough'
BlondeHeadOn
Posts: 2,277 Forumite
According to this...
http://news.bbc.co.uk/1/hi/business/7918335.stm
"The number of mortgage approvals in January for house purchases held steady at 31,000 the Bank of England has said.
This suggests the slump in mortgage lending seen during the past year and a half may have now reached its trough.
Although approvals are still less than half the level of a year ago, they have now averaged 31,000 a month for the past six months.
Total borrowing by individuals rose by just £1.1bn in January, the smallest increase since records began in 1993.
The monthly increase in all mortgage lending, both for house purchases and for extra borrowing, was just £700 million. This was one of the smallest increases on record, and just 10% of the increase seen in January 2008. "
Is this the same as "the bottom" - or another low point entirely???
http://news.bbc.co.uk/1/hi/business/7918335.stm
"The number of mortgage approvals in January for house purchases held steady at 31,000 the Bank of England has said.
This suggests the slump in mortgage lending seen during the past year and a half may have now reached its trough.
Although approvals are still less than half the level of a year ago, they have now averaged 31,000 a month for the past six months.
Total borrowing by individuals rose by just £1.1bn in January, the smallest increase since records began in 1993.
The monthly increase in all mortgage lending, both for house purchases and for extra borrowing, was just £700 million. This was one of the smallest increases on record, and just 10% of the increase seen in January 2008. "
Is this the same as "the bottom" - or another low point entirely???
0
Comments
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Or another view from the Guardian.
Mortgage lending slumped by 60% in January with the net value of new loans falling to just £690m, figures from the Bank of England showed today."One thing that is different, and has changed here, is the self-absorption, not just greed. Everybody is in a hurry now and there is a 'the rules don't apply to me' sort of thing." - Bill Bryson0 -
BlondeHeadOn wrote: »
Is this the same as "the bottom" - or another low point entirely???
We will only know where the bottom is when it's come and gone.
What we must remember is that we are in, what is usually the time of the year when we always see more house sales. The post new year surge or spring surge, whatever you want to call it really.
Do I personally think this is the bottom? Ha, no!0
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