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More evidence that the housing market slowed in 2007


Mortgage News - 6th Feb 2008 

More evidence that the housing market has significantly slowed during 2007 came with the news that the number of new mortgage approvals for December fell again, this making it the seventh consecutive month that the number of new mortgage loans approved has reduced.

The Bank of England 's recently released figures showed that the number of new home buyer UK mortgages approved during the month dropped to 73,000, which when compared with November represented a reduction of 8,000.

However. the number of new remortgages approved did rise slightly to 93,000, but buy-to-let, equity release and first time buyer approvals were down again. The total of all mortgages granted for all purposes during December totalled 226,000, amounting to the sum of £25.4billion.

These figures are causing concern as they are weaker than many financial services analysts predicted, plus in addition, all the major house price indices are showing falls in the value of properties sold and the Land Registry recorded a fall of 0.4% in house prices in England and Wales during December. All of these items fuelling fears that the market is slowing much quicker than expected.

It's definitely not good news for first time buyers and that gloom is increased in a separate report issued by the Royal Institution of Chartered Surveyors (RICS). This report highlights that the cost of getting on the housing ladder has leapt a staggering 350% from its most accessible point 12 years ago.

The affordability issue has arisen due to a number of factors, mainly the reduction of the loan-to-value (LTV) ratios that first time buyers were being offered by lenders. Other issues such as stamp duty and rising professional fees have also impacted on the situation.

Although it may be ever-worsening news for first-time buyers, existing homeowners are now finding it marginally easier to repay their mortgages for the first time since the start of 2006 due to wage increases and stable interest rates.

Rather worryingly, RICS also believe that as a result of higher mortgage costs up to 45,000 people in the UK will lose their homes in 2008.

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