Do you know about - Mortgage Lending Hits New Low
Mortgage Rates Forecast! Again, for I know. Ready to share new things that are useful. You and your friends.Mortgage lending sinks to its 4-month low last July with just 86 million loans stylish compared with 517 million a month before. This was disclosed in the figures released by the Bank of England, unleashing an additional one round gloomy forecast for the country's cheaper for the rest of 2010.
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Andrew Goodwin, a senior economic adviser to the Ernst & Young Item Club, said that figures released by the bank reveals "further confirmation that the housing market is headed for a double dip, with net mortgage lending pretty much flat and the estimate of mortgage approvals remaining very low."
But it should be noted that bank approvals for home mortgages genuinely rose in July. Unfortunately, total net estimate lent was at its bottom since March. It was the fourth steepest dive in the Bank's article since 1993. There were 48,722 mortgage approvals in July, up by an incremental 160 from 48,562 in June. This remains less than half of staggering peak levels for this period and 20% below a 21-month peak registered in November last year.
This was well above the 46,500 forecast but net lending at a mere 86 million was way below the staggering 700 million.
On the other hand, there's a promising light at the proverbial end of the tunnel with a rise of 173 million in unsecured buyer loans from prestige cards which followed a sudden strengthening in the monthly GfK/Nop buyer reliance data released earlier. The increase, however, did not materially offset the larger than staggering decline in total lending which was just 258 million, the bottom since March.
Figures released by the Bank of England showed that the money provide gauge remained unchanged for the month. Aggregated M4 money growth was up 0.4%, the strongest indication since last October, but the annualized M4 growth slowed to a high 2.3%, the weakest point since the data series commenced in July 1983.
Vicky Redwood, of Capital Economics, noted that the country's housing market is not getting any better. "The best that can be said is that approvals didn't fall further."
Analysts had earlier forecasted that there'd be no convert in prestige card spending while mortgage lending would rise to 700 million. But buyer prestige card spending rose to 173 million after dipping to 59 million while the previous month while mortgage lending fell steeply.
The building Societies association also made its figures known which showed total mortgage advances from mutual reaching the top to date at 2 billion in July. But after repayments and redemptions, net lending showed a contraction with homeowners repaying 378 million more than what they borrowed while the month.
In addition, customers were observed to withdraw savings from their building societies and the same month saw 1.31 billion withdrawn more than what was paid in, making it the fast relinquishment rate in more than 12 months.
The director-general of the Bsa, Adrian Coles, said: "The withdrawals may indicate the difficult economic conditions that households currently face.
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