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« Allders in administration | Main | MySQL worm goes on rampage - is shut off at source » January 30, 2005BBA: 5 year low on mortgage lendingThe British Bankers' Association (BBA) has reported in 2004 annual mortgage lending was similar to 2003 that the increases in lending for 2003 have been effectively matched by an equivalent downturn in 2004. The BBC also points out in Mortgage approvals plummet by 38% that this is the seventh month's in fall in lending in a row, and that the number of mortgages signed in December 2004 reached a 5 year low. While December is traditionally a quite month for house sales, the BBA figures point to the increasing number of reports that the housing market has boomed and is now busting, with a housing recession expected for 2004. However, mortgage lendors are not simply trying to put a spin on figures, but are also desperately moving to push for a last grasp at increased growth because the market kicks them in the teeth. For example, in Modest climb in UK house prices the Nationwide tried to cheerfully claim that house prices actually increased in 2004 - only to be somewhat ridiculed by more impartial observers. And as a last rush at hitting loan targets for 2005, the BBC reports in Halifax mortgage offer criticised that the Halifax sent out 100,000 letters both encouraging home-owners to abstain from mortgage payments for up to 6-months - or else simply take out a remortgage to pay out Christmas debts. The move was pretty roundly condemned, a. for not pointing out the costs to owners for missing payments
Posted by brian_turner at January 30, 2005 01:08 PM | Discuss this in the Business, Marketing & Search forumsTrackback PingsTrackBack URL for this entry: |
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