New data out for December 2008 here.
The usual commentary really.
Mortgage approvals for house purchase were 31,000 for December 2008 compared to 81,000 a year earlier and 129,000 2 year ago.
These are now bumping along a range around 30,000 and have been since June and must now signify the bottom of the approvals for home purchase.
Just goes to show how reckless the lending was. Gordon Brown was not the only irresponsible one here. Since lenders have now adopted their old lending practices, the mortgage approvals have collapsed down to a very low base.
As properties continue to fall in price to meet the demand at the lower level, lending will pick up again.
If you are a first time buyer, your time is coming. Keep saving for your 5% deposit, because these deals will return in the later part of 2009. House prices will be down another 15%, mortgage deals will be equivalent to rent and the housing market will start a steady climb from Q4 2009.