News

Mortgage lending dipped in September the Bank of England has reported
The number of approvals for house purchase loans was 61,267 compared with the average of 64,720 over the previous six months, and down from August’s figure of 64,054. House purchase approvals were also at their lowest level for 14 months, and down 8.7% on September a year ago. Re mortgaging approvals also fell in September, as did the number of mortgage approvals for other purposes. In total, mortgage approvals were down 12.3% when measured year on year.
This falls in line with the latest NAEA housing figures:
82 %of homes sold for less than the original asking price nationally
Supply has risen last month, but at a 12 year low for September.
The last time that supply levels were lower for September was in 2002!
Impending interest rates
There is still much talk of an impending interest rate rise in 2015, which is having a damaging effect on house sales. It would be good if politicians and the media would stand back and look at the whole economy. What I see is a sluggish housing market with 82% sold for under the asking price Nationally, supply of houses at a 12 year low, inflation taking a very large drop in September and the stock market doing the same (see below). That doesn’t add up to an overheating economy that requires an interest rate rise, quite the reverse!