Mortgage Approvals Slump
A slump in mortgage approvals in November suggests the housing market will be depressed next year.Figures released by the British Bankers Association (BBA) show the number of loans approved by banks in November was 57,432, a massive 43% lower than a year ago. The figure highlights the waning confidence among buyers, and the reaction of the banks to the credit crunch.
Most housing sector commentators, including Halifax, Nationwide and The Royal Institution of Chartered Surveyors (RICS) are predicting zero growth in 2008, although Capital Economics expects a decline of 5 per cent.
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