Mortgage approvals hit buyers retreat
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Absence of buyers put pressure on House prices down.?Photo: ALAMY
Only 30,766 mortgages have been approved by major banks to people who buy a property for the month, the lowest level since March, 2009, when real estate prices have been declining, according to the British Bankers Association.
Mortgage total progress also dive to a low of 10 years, with only ￡ 7. 6bn lent, a level seen for the last time in February 2001.
NET loans, redemptions and refunds, gangs has increased slightly on the previous month to ￡ 1. 7bn, but was still lower than last year October 43pc.
The figures highlight the current state and mastered the activity on the housing market as buyers sit on their hands until the Outlook for the price of real estate and the impact of reductions in government spending becomes clearer.
Absence of buyers pressure downward on the price of real estate, with the approval of the mortgage for the purchase of House less than half the level of 70,000 to 80,000 per month which are regarded as compatible with a stable market.
Howard Archer, United Kingdom and European Chief Economist IHS Global Insight, said: "housing market activity remains stuck in the pot au Noir, which seems very likely continue the downward price pressure."
"Showing the mortgage approvals lower margins due to a minimum of 19 BBA data October month reinforces our belief that house prices will be trend down to lose their maximum concentrations 2010 10pc at the end of 2011."
There was a slight pick up in the number of people for months, remortgaging although 24,112, the figure was less than half the level seen before first struck by the credit crunch.
Guaranteed borrowings is also remained subdued as consumers continued to concentrate on repayment of debts.
People borrowed ￡ 5. 9bn in October, credit card but it was more that offset by payments of ￡ 6 credit card 05bn.Dette increased 258 million from ￡ once with interest and costs were taken into account.
Outstanding loan through loans and overdrafts contracted for the 15th consecutive month with refund of ￡ 345 million more people they have borrowed.
David Dooks, Director of statistics BBA, said: "activity of consumer credit and mortgage markets continues to be restrained in October reflecting uncertain prospects for households and lower consumer confidence.
Consumers is also increasing their economies by ￡ 3. 53bn in October, the highest level since March, when deposits tend to be stimulated by the late next tax year.
The amount of money people have put aside has increased by nearly 5mC in the past year.
