House prices are rising massively....

[DimPrawn]

...but no one is taking out a mortgage.

http://news.bbc.co.uk/1/hi/business/8521565.stm

Gross lending for home loans fell by 32% compared with December to £9.1bn, the Council of Mortgage Lenders said.

However, the figure was 21% lower than January 2009 and the lowest monthly total since February 2000.


I can only assume that everyone is therefore paying cash and £500K for a bedsit is small change to the incredibly wealthy UK population.

[Freelancer Financials]

...but no one is taking out a mortgage.

Gross lending for home loans fell by 32% compared with December to £9.1bn, the Council of Mortgage Lenders said.

However, the figure was 21% lower than January 2009 and the lowest monthly total since February 2000.


I can only assume that everyone is therefore paying cash and £500K for a bedsit is small change to the incredibly wealthy UK population.

There are a some good reasons for this:

One major factor was the particularly bad weather in December/January. The snow was a major factor why prospective buyers were not visiting properties. Also many mortgages have taken substantially longer than usual to complete due to the weather conditions. Woolwich for instance has a back log of nearly 2-3 weeks and their not alone.

There is also limited housing stock on the market which is keeping prices up. A number of prospective buyers believe that the housing market will dip again this year and are therefore waiting for this to happen before they enter the market.

The other problem is that lenders have really tightened their lending criteria towards self-emplyed workers who's accounts don't necessarily reflect their earnings.

[DimPrawn]

You are not supposed to answer my questions on CUK.

They are all rhetorical.

HTH

[TimberWolf]

You are not supposed to answer my questions on CUK.

They are all rhetorical.

HTH

Have you got any houses at the moment?

[DimPrawn]

Have you got any houses at the moment?

My own house is for sale (sold awaiting contracts to be signed) and we own my mother in laws house (bought it for her with cash).

All other properties sold.

Renting at the moment.

[suityou01]

My own house is for sale (sold awaiting contracts to be signed) and we own my mother in laws house (bought it for her with cash).

All other properties sold.

Renting at the moment.

Menelaus?

[AtW]

Renting at the moment.

Ranting