Steady rise in mortgage approvals

The number of mortgages approved for house purchases by the major High Street banks has risen for the seventh month in a row, figures show.

The BBA reports figures for the major High Street banks

 

The British Bankers’ Association (BBA) said approvals in July stood at 38,181, a rise of 7.4% compared with June.

The data suggests that the rise in activity and house prices could stretch into the autumn.

However, the group warned that new lending was below seasonal expectations despite greater demand from borrowers.

sourced from The BBC

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Recession and the housing market

As the housing market starts falling is this going to most difficult year for many home owners. As the prices fall by up to £3,000 per month, this is not the time move.

But as I’m sure you will have noticed a lot of houses that were for sale late last year are now for rent, people who have let their property will not find it an easy marked. If your house is on the market you would be very lucky to sell it, the biggest problem is agreeing a sale price and then all the people in the chain being able to to get the mortgages and financial security.

Almost 3,000 home owners are falling into negative equity every, negative equity is bad if you are planing or need to move. Negative equity means you are paying more for your mortgage then the value of your property.

But over a period of time house prices will increase after the low. I am not surprised this has happened to the housing market, the prices were getting so high and out of control. I know a lot of people hold the banks responsible for the housing situation, but we had a lot to do with it, people over estimated their salary with self certification and people mortgages them self’s up to the hilt.

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