UK Mortgage Approvals Fall
Posted by admin under: Main Nov 25
The number of new mortgages approved in the UK fell from 54,000 in September to 44,100 in October. This is a fall of 37 per cent slump on October last year. This reflects the weakness in the housing market and could be a prelude to falling house prices.
The decline in the number of mortgage approvals is blamed on:
- Government’s controversial home buyers package, which makes it more bureaucratic to put your house on the market
- A stagnating market – less houses are being put on the market
- Declining confidence following the problems of Northern Rock.
- Global credit crunch leading to less mortgages being made available e.g. Kensington Mortgages withdrawing sub prime mortgages
- Recent interest rate rises having an increasing effect on reducing consumer spending
- Will UK House Prices fall? – have your say
Source: UK Mortgage Approvals Fall
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Sunday, November 25th, 2007 at 1:27 am and is filed under Main. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.