Wednesday, 23 April 2008

March mortgage lending plummets

This time of year we normally expect a spring bounce in housing transactions and mortgage approvals.

A year on year fall of 46% on mortgages approved for house purchase to 35417 leaves mortgage approvals at the lowest amount since the early 90s.

It seems the housing slump will now deepen with house prices predicted to fall significantly this year.

Bad news?

Not if you are a first time buyer, priced out of the market.
Not if you are trying to move up the housing ladder as the £ gap in prices drops.
Not if you can afford your mortgage payments.

Yes if you bought in the last few years and are struggling with your mortgage payments. Hopefully the Government can stop dithering and sort out a package with the banks to stop you being repossessed.

Yes if you have speculated by buying up property and letting it out. Taking property away from first time buyers and pushing up property demand is a scandal. Serves you right!!

1 comment:

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