The Bank of England have just released their monthly data on the number of mortgages approved for home purchase.
BOE data
These stand at 42,000 in May 2008 compared to 116,000 in May 2007. A drop of 64%. The lowest number of mortgages approved for home purchase ever.
Gordon Brown really has brought us a crash of mega proportions. Watch this now feed into significantly lower house prices for the rest of this year and into 2009.
It does pose the question though, who on earth are these 42000?
Monday, 30 June 2008
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