Mortgage approvals start falling, Bank figures suggest

Mallotum_X

The number of new mortgages approved for home buyers, but not yet lent, fell in September for the first time in five months.

The Bank of England said approvals for home buyers were 50,967 in September, down 1,380 or 4% from August.

The figures suggest that this year's modest revival in sales has ended and that mortgage related sales may fall again in the coming months.

In September, completed sales fell for the second month in a row, to 72,000.
The figures from HM Revenue & Customs (HMRC) showed that sales last month had fallen by 11,000 from the July peak of 83,000.

"September's retreat in mortgage approvals reinforces belief that there is little evidence of any significant step up in housing market activity," said Howard Archer of IHS Global Insight.

"Prices are likely to trend down over the coming months in the face of very low consumer confidence amid persistently weak economic activity, markedly rising unemployment and muted earnings growth," he added.

http://www.bbc.co.uk/news/business-15519934

nollag2006

Hmmm... first fall for banks after 5 months growth ? Hardly a disaster now, is it ?

Haven't the Building Societies also just come out to say that lending levels were up for them yet again in September?

Mallotum_X

nollag2006 wrote: »

Hardly a disaster now, is it ?

To some on here it will be, although im sure a positive spin will soon arrive.

It really depends on whether its the first of many and a new trend or just a blip.

Pimperne1

That's never a 4% drop.

chewmylegoff

must be a 4% seasonally adjusted drop. ridiculous.

Thrugelmir

Time to put the ski's on. Seems as if there may be a downhill run over the coming months.

MrRee_2

Yeah .... a downhill run .... as predicted a million times before .... it's simply bouncing along the bottom

Aberdeenangarse

MrRee wrote: »

it's simply bouncing along the bottom

Could you keep your Hobbies out of this