Here is chart showing mortgage approvals back to 1993. There is definitely something different about this crash.
The data is from the Bank of England Financial Stability Report (I neglected to put a source on the original chart).
7 comments:
Anonymous
said...
You can't even tell where the other crashes are using the current crash as an example.... What a whopper of a crash ! Huge ! Immense ! Only just started too. Affordable houses for all ! Great !
I still see property prices way over what I consider sensible. Even if prices HALVE, most properties will be too expensive for "key" workers and FTB's. Property prices will only trully crash when unemployment rises, repos increase and BTL landlords have to panic sell... only then will we see house prices return to affordable levels.
Here is chart showing mortgage approvals back to 1993. There is definitely something different about this crash.
7 comments:
You can't even tell where the other crashes are using the current crash as an example....
What a whopper of a crash ! Huge ! Immense !
Only just started too. Affordable houses for all ! Great !
But the previous crashes were 1973 and 1989 (and 1948) we need a longer term chart.
I still see property prices way over what I consider sensible.
Even if prices HALVE, most properties will be too expensive for "key" workers and FTB's.
Property prices will only trully crash when unemployment rises, repos increase and BTL landlords have to panic sell... only then will we see house prices return to affordable levels.
Sorry, this is the longest data series I have.
Alice
Whatever gordon was doing at the treasury was making everything worse.Economic judo anyone?
And we thought 1993 was bad. This puts everything in perspective and it looks scary, very scary in deed. Were are we heading?
Wow, that is a definite drop in mortgage approvals. That's a crazy graph.
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