You are currently browsing the Less2sell Online Estate Agents Blog weblog archives for the day 28/05/2008.
- First time buyers (4)
- General (10)
- HIP's (6)
- Tips (6)
- UK Interest rates (16)
- 28/05/2008: Mortgage Approvals Down by 40%
- 10/05/2008: Interest Rates Remain Static
- 10/04/2008: Bank of England Reduces Interest Rate
- 26/02/2008: Mortgage lenders leaning towards cash-laden buyers
- 07/02/2008: Interest Rate Cut to 5.25%
- 23/01/2008: Interest rates could fall to 4%.
- 06/12/2007: Interest Rate drops by 0.25%
- 27/11/2007: Looking For A Good Deal - Tips For Homebuyers
- 23/11/2007: Pre-Christmas Slow Down Comes Early
- 23/11/2007: Final Phase Roll Out of HIP's
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Archive for 28/05/2008
Mortgage Approvals Down by 40%
28/05/2008 by Damian.
April figures for Mortgage approvals show a 40% decline in approvals on this time last year, further highlighting the effect that the credit crunch is having on the UK housing market.
The Council of Mortgage Lenders has indicated that house prices in the UK could drop by 7% and the number of property transactions could fall to below 1 million possibly reaching levels not seen since the 1970’s.
The main driver being a damaging combination of previously stretched affordability and a tighter restraint on lender criteria resulting in a low housing market activity.
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