Tuesday, 31 August 2010

Mortgage Approvals fall in UK

The month of June saw a sharp fall in the mortgage approvals. This clearly indicates that there is a dip in the housing market in UK.

As per the data of Bank of England the mortgage approvals for purchasing homes went down by 3.7% to 47,643. The spring season saw a rise in the number of approvals but
In the month of June it declined back. This is the same with remortgages as even they fell by 2.6% to 24,949 in the month of June for 3 months in a row.

With the lowering of mortgage approvals it can be said that property-secured lending will fall in the months to come. The lending figures rose by £0.7 billion and grew by 0.1% for the month and by 0.9% for the year. The credit card lending saw a rise of £0.1 billion during the same month.

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On the other hand the housing rates started slumping down during the month of July. The drop was of 0.5%. The average rate per house was £169,347 and the inflation rate was of 6.6%.

The financial crisis in UK still exists and it will take time for people to get back the economic stability. Until that time, many people are uncertain about their jobs and income sources and in such a situation, they cannot think of purchasing a home by taking a mortgage. Builders who are developing new properties considering the high demand are tackling the problem of shortage of homes. This has also led to the rise in the housing prices.

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