UK mortgage approvals hit 18 month low

[Nicholas Wallwork]

There is concern for the UK property market in the short to medium term after the Bank of England confirmed that mortgage approvals in November hit an 18 month low. The figure of 59,029 is down on the previous month or 59,511 and a whopping 23% down on the figures for January 2014 which came [...]

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[mattheonline]

This is good news for people looking for cheaper housing - like me - I cannot get onto the property ladder at the moment. Plus the first-time-buyer mortgage rules should be relaxed. I would be happy to buy and buy-to-let but I cannot because they are not available to first-time-buyers!

 

[SophieEvans]

Yes you are right. I think people will get some benefit atlast.

 

[chris_walton]

It is so hard to get on the property ladder, we need more houses

 

[Barny]

It is so hard to get on the property ladder, we need more houses

Not just more houses but cheaper affordable houses.

As an example, where I have my residential property home the "average" 3 bed house is £200k. To stump up even a 10% deposit (£20k) for a lot of people I know would take them years to save up and that's why they rent because it is really their only option while trying to put some money aside each month.

For investors though, this is all positive news because it is the investors who can afford the cheaper houses and flats and therefore take them away from the first timers only to rent them out and help raise funds for their next BTL purchase.