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Soft landing

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    Soft landing

    http://www.guardian.co.uk/business/2...siness.banking

    Dire mortgage lending statistics and a profit warning from one of the UK's biggest mortgage lenders yesterday underlined the crisis facing the housing market as the credit crunch continues.

    The Bank of England said new mortgage approvals in April tumbled to their lowest level on record, much worse than expected and bringing warnings from economists of a knock-on effect on consumer spending.

    Bradford & Bingley, the biggest buy-to-let mortgage lender, said arrears had begun to rise and the bank had slumped £8m into the red after just four months of the year. It said the situation was likely to get worse as more homeowners find it difficult to meet mortgage payments.

    At the same time, the UK's biggest building society, Nationwide, raised its mortgage rates as it tried to rebuild profit margins. Alliance & Leicester also raised its fixed-rate mortgages by between 0.05 and 0.25 of a percentage point.

    The stream of bad news from the homelending sector drove the FTSE-100 index down 45.9 to 6007.6 as billions of pounds were wiped off the value of housebuilders, banks and mortgage lenders. Sterling had its worst day for a month, closing down 1% against the dollar. Dealers also blamed the concerns about the wider economy.


    And it's raining.

    #2
    But it's supply and demand innit? Immigrants, lack of new housing, how can things possibly go bust?

    Yours
    The economically illiterate
    The court heard Darren Upton had written a letter to Judge Sally Cahill QC saying he wasn’t “a typical inmate of prison”.

    But the judge said: “That simply demonstrates your arrogance continues. You are typical. Inmates of prison are people who are dishonest. You are a thoroughly dishonestly man motivated by your own selfish greed.”

    Comment


      #3
      I told you BTL was a bad idea. At least that's what I think I said.

      Comment


        #4
        Isn't it amazing that in a country prone to booms and busts, these concepts are not instilled into every child? But then most can't do simple sums so that should be no surprise.
        Hard Brexit now!
        #prayfornodeal

        Comment


          #5
          1 sasguru + 1 dimprawn =

          Comment


            #6
            Originally posted by Lucy View Post
            1 sasguru + 1 dimprawn =

            Comment


              #7
              Actually I couldn't decide between a sasprawn or a dimguru, either sounds like something from a chinese menu.

              Comment


                #8
                Originally posted by zeitghost
                There are indeed some amazing busts about these days... it wasn't like this when I was young...
                I blame junk food. Gives 16 yr olds <edit>banned?</edit> like a porn star.
                Last edited by ferret; 3 June 2008, 09:16. Reason: Too slow prawn. I see this again and you will be banned :)

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