Saturday, 5 November 2011

NEW MORTGAGE APPROVALS FALL IN SEPTEMBER

New mortgage approvals fell in September, for the first time in five months.

The number of approved but not yet lent mortgages was down 3% from August, standing at 50,967, according to the Bank of England. Completed sales also fell for the second month in a row, to 72,000.

These figures not only seem to indicate a halt to the recent small upsurge in sales, but also a further decline in the months to come. These findings are discouraging for those hoping for a significant step up in housing market activity.

Many predict that in the face of a weak economy, low consumer confidence and widespread unemployment, prices will only fall further.


Mortgage Approvals Start Falling, Bank Figures Suggest - BBC News