...at least for another month. According to the British Bankers Association, loan approvals for house purchases fell in March. Never mind, there is always next's months number. Perhaps, the April figure will show a modest recovery, and which can be used to declare the housing crash over.
Monday, 27 April 2009
Housing market recovery on hold....
...at least for another month. According to the British Bankers Association, loan approvals for house purchases fell in March. Never mind, there is always next's months number. Perhaps, the April figure will show a modest recovery, and which can be used to declare the housing crash over.
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4 comments:
Thats a shame....
The past 3 months were a blip. Now the combined results of rising unemployment, poor job security and high LTV (poor housing equity) are being seen. Should be back to 2000 price levels very soon.
Over in the states it seems that there are a lot of foreclosed properties that the lenders are holding and not releasing to auctioneers or estate agents. According to the article - some 600,000 properties.
(See www.bullionmark.com for ref).
This sort of trickery to avoid writing down the bad debt smells bad and could explode in their faces.
Anyone reckon it could be happening in the UK?
I live on a very desirable street in London with million pound houses. About a year ago several homes were re-possessed and boarded up. And thus they have remained since. No sales. Only a few crusties trying to bust in to squat but no sales. They are probably rat-infested houses by now they have been abandoned for so long. I suspect the estate agent will still be trying to get close to a mil for the houses yet no takers.
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