The Home Staging Network Logo

The Home Staging Network is the home of house staging, declutter, interior design, show home,  interior decorating and home improvement businesses 

            

 

 

   Mortgage lending same as 1995, Bank of England says        Dated: 29/07/2008

                 

UK Mortgage approvals fell to their lowest ever level in June as demand continued to decline, with the value of mortgage lending also shrinking substantially.

Statistics from the Bank of England today showed approvals for house purchases fell to just 36,000, a record low since 1999, while the value of the lending shrunk to £5 billion from £5.8 billion in May.

The number of approvals has almost halved from the previous six month average of 62,000, and is a further sign of the deteriorating housing market as consumer confidence evaporates and banks rein in on their lending.

The Royal Institution of Chartered Surveyors' chief economist, Simon Rubinsohn, said: 'The latest numbers from the Bank of England demonstrate in the clearest possible way the consequences of the credit crunch for the residential property market.'

Rubinsohn said: 'a lack of availability of mortgage finance had caused the decline in the volume of mortgage approvals, which represented a fall of close to 70% compared with the same month last year'.

As well as lending for house purchases, the number and value of approvals for re-mortgaging and other purposes also reduced, with net lending secured on dwellings falling to £3.1 billion. The figure was down from £3.8 billion in May and under half the previous six-month average of £6.3 billion.

The increase in consumer credit lending to individuals also slowed, with net credit card lending growing by just £400 million, below May's increase.

The total rise in net consumer credit of £900 million was less than May's rise of £1.3 billion and was well below the six-month average increase of £1.2 billion.

Rubinsohn added: 'Against this backdrop, it is not surprising that the high street appears under increasing pressure with consumers scaling back purchases of a range of household goods.

'Unless the authorities take steps to restart the mortgage market, the likelihood is that there will be more bad news in store for both the housing market and the retail sector during the latter part of the year.'

Return to Property news Index

    

 

 

 

 

 

   Payments powered by RBS worldpay secure payments Paypal verified approved seller   Site reviwed and approved by the GoodNetGuideBest price label - never knowingly undersoldBusiness Start up recommendations from Business Link     HSCDesign Ltd and Home Staging Consultants are Members of Nominet UK     @stagingnetwork    100% Satisfatcion guaranteed or your money back

         
Home Staging Network Home staging training Home staging UK  Home staging world Property selling Interior Decorating

About home staging network

Home staging course Home staging businesses UK Home staging businesses International Tips to sell property faster Interior design ideas

Contact us

Home staging CD Home staging in Northants Join Selling and buying property Styling ideas and options

Home staging network members

Staging doc templates Home staging in Yorkshire Home staging usa Selling property online  Interior design courses

Join the home staging network

Start a staging business Home staging in London Home staging australia HIPs Interior Exhibitions

Professional code of practice

Home staging franchise  Home staging in Greater London Home staging europe Stamp Duty rates Move or improve

Terms

Home Staging certificate

Home Staging tips to sell property

Home staging Eire    Adding value to your home

 

Home staging - article   Home staging South Africa

Decluttering

Virgin Vie

 

    Home staging New Zealand Car boot sales lists Do I need a stager or interior designer? 

 

    Home staging Canada Selling stuff on ebay tips Laura Ashley Furniture Sale

Newsletters >

Latest Newsletter

       

Special Offers >

Laura Ashley

Champneys

Business templates

Agreement contract

 

Popular pages:  Home staging CD Home Staging & Interior Design Directory Home Staging courseStaging document templates | General document templates

Home Staging Consultants website is the ultimate resource for  Home staging, Interior design, Home improvements and decluttering

Home | Sitemap | Terms | Privacy | Contact us   HSC Design Ltd Reg:6576986  2004-2010 © Home Staging Consultants and Home Staging Network