UK Mortgage Approvals Down 72%
Mortgage approvals fell again in October, equalling their lowest ever figure (August 2008) and down by 72% on their peak in 2007.The new figures from the Bank of England show mortgage approvals down by 1,000 on September at just 32,000 - the same record low as August this year. Approvals have fallen from 88,000 last October and from their monthly peak of 114,000 in mid-2007.
Credit is still obviously tight for many people, and together with recession fears, rising unemployment, and expectations of house prices falls, is all helping to keep a downward pressure on the housing market and levels of activities.
According to Howard Archer, chief economist at IHS Global Insight, these figures show that house prices are likely to continue falling next year, despite the recent cuts in interest & mortgage rates.
UK house prices are expected to fall 15% in 2009.
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