Housing market activity "very low"
www.moneynews.co.uk > Housing market > Housing market activity "very low"
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Money News |
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Housing market activity "very low"
Thu 29th Jan 2009
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The society's house price index found that the number of mortgages approved fell to a record low of 27,000 in November last year, although partial figures for December suggested there may have been some improvement in the third month of the last quarter of 2008.
Nationwide's chief economist Martin Gahbauer said that despite the low numbers of mortgage approvals, the numbers of those enquiring about buying houses remained high.
He said that one of the reasons for this might be that "mortgages have become less widely available as a result of heightened economic risk, tighter lending criteria and a decline in the number of lenders who are active in the market".
Earlier this month the government announced that it would be making £100 billion available to banks to underwrite their lending risks, in an attempt to persuade them to grant more mortgage approvals.
Click here for more housing market news
Related News : Housing market |
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Related News : Nationwide |
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