I have seen local Mortgage approvals up in Camberley, Bagshot and Farnborough up on previous months.
But according to some, especially The British Bankers Association, mortgage are in decline.
Here’s a piece as reported in www.thisjusthappened.com
“Mortgages in the United Kingdom are continuing to decline, with net lending among British banks now progressing at one of the slowest rates seen in almost a decade. Data released on Monday by the British Bankers Association reveals that mortgage approvals – traditionally a reliable indicator of housing activity and prices for the foreseeable future – eased to just over 31,100 in September, the lowest overall figure since March 2009.
Likewise, seasonally adjusted net mortgage lending grew to just over one and a half billion last month, a sharp decrease compared to the 2.5 billion in August, let alone the almost three billion figure recorded in September of the previous year.
David Dooks, statistics director for the British Bankers Association, notes that the figures showing the subdued level of mortgage activity are a clear indication of the level of uncertainty that has been generated by the British government’s Spending Review, which were announced just last week.
“Demand for new mortgages remains low despite more properties on the market and falling house prices,†Dooks notes.
As Dooks points out, house prices in the United Kingdom are also declining, with Halifax announcing that September saw the largest fall in house prices ever recorded in the UK during a single month.
“Coming before the full impact of the fiscal contraction, the pain of which was fleshed out further in last month’s Spending Review, the latest fall in mortgage lending is another sign that a normalization in housing market activity levels is a long way,†says Paul Diggle, a housing market economist at Capital Economics”.
Sorry not seeing this locally
Michael
Likewise, seasonally adjusted net mortgage lending grew to just over one and a half billion last month, a sharp decrease compared to the 2.5 billion in August, let alone the almost three billion figure recorded in September of the previous year.
David Dooks, statistics director for the British Bankers Association, notes that the figures showing the subdued level of mortgage activity are a clear indication of the level of uncertainty that has been generated by the British government’s Spending Review, which were announced just last week.
“Demand for new mortgages remains low despite more properties on the market and falling house prices,†Dooks notes.
As Dooks points out, house prices in the United Kingdom are also declining, with Halifax announcing that September saw the largest fall in house prices ever recorded in the UK during a single month.
“Coming before the full impact of the fiscal contraction, the pain of which was fleshed out further in last month’s Spending Review, the latest fall in mortgage lending is another sign that a normalization in housing market activity levels is a long way,†says Paul Diggle, a housing market economist at Capital Economics.
