Most Popular
1. It’s a New Macro, the Gold Market Knows It, But Dead Men Walking Do Not (yet)- Gary_Tanashian
2.Stock Market Presidential Election Cycle Seasonal Trend Analysis - Nadeem_Walayat
3. Bitcoin S&P Pattern - Nadeem_Walayat
4.Nvidia Blow Off Top - Flying High like the Phoenix too Close to the Sun - Nadeem_Walayat
4.U.S. financial market’s “Weimar phase” impact to your fiat and digital assets - Raymond_Matison
5. How to Profit from the Global Warming ClImate Change Mega Death Trend - Part1 - Nadeem_Walayat
7.Bitcoin Gravy Train Trend Forecast 2024 - - Nadeem_Walayat
8.The Bond Trade and Interest Rates - Nadeem_Walayat
9.It’s Easy to Scream Stocks Bubble! - Stephen_McBride
10.Fed’s Next Intertest Rate Move might not align with popular consensus - Richard_Mills
Last 7 days
Global Warming ClImate Change Mega Death Trend - 8th Apr 24
Gold Is Rallying Again, But Silver Could Get REALLY Interesting - 8th Apr 24
Media Elite Belittle Inflation Struggles of Ordinary Americans - 8th Apr 24
Profit from the Roaring AI 2020's Tech Stocks Economic Boom - 8th Apr 24
Stock Market Election Year Five Nights at Freddy's - 7th Apr 24
It’s a New Macro, the Gold Market Knows It, But Dead Men Walking Do Not (yet)- 7th Apr 24
AI Revolution and NVDA: Why Tough Going May Be Ahead - 7th Apr 24
Hidden cost of US homeownership just saw its biggest spike in 5 years - 7th Apr 24
What Happens To Gold Price If The Fed Doesn’t Cut Rates? - 7th Apr 24
The Fed is becoming increasingly divided on interest rates - 7th Apr 24
The Evils of Paper Money Have no End - 7th Apr 24
Stock Market Presidential Election Cycle Seasonal Trend Analysis - 3rd Apr 24
Stock Market Presidential Election Cycle Seasonal Trend - 2nd Apr 24
Dow Stock Market Annual Percent Change Analysis 2024 - 2nd Apr 24
Bitcoin S&P Pattern - 31st Mar 24
S&P Stock Market Correlating Seasonal Swings - 31st Mar 24
S&P SEASONAL ANALYSIS - 31st Mar 24
Here's a Dirty Little Secret: Federal Reserve Monetary Policy Is Still Loose - 31st Mar 24
Tandem Chairman Paul Pester on Fintech, AI, and the Future of Banking in the UK - 31st Mar 24
Stock Market Volatility (VIX) - 25th Mar 24
Stock Market Investor Sentiment - 25th Mar 24
The Federal Reserve Didn't Do Anything But It Had Plenty to Say - 25th Mar 24

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

MORTGAGE APPROVALS FALL

Housing-Market / UK Housing May 31, 2007 - 11:16 PM GMT

By: bsa.org.uk

Housing-Market

  • Building society gross advances amounted to £3,772m in April 2007, compared to £3,512m in April 2006.
  • Net advances were £1,031m in April 2007, versus £1,106m in April 2006.
  • Approvals were £3,910m in April 2007, down from £4,248m in April 2006.

  • Building societies had net receipts of £1,351m in April 2007 compared to net receipts of £1,330m in April 2006.
  • Building society net receipts to cash ISAs were £1,773m in April 2007, compared to £1,452m in April 2006. This is a 22.1% increase year on year.

Commenting on the mortgage market, Adrian Coles, Director-General of the BSA said:

"Gross advances were the highest April figure for three years. However, net advances were down slightly on the same month last year. Approvals (loans agreed but not yet made) fell by 8% compared to April 2006. This is the first year on year fall since July 2005 - the month preceding the last cut in interest rates.”

“The lending figures suggest that the effects of the four rate rises since August 2006 are beginning to show. However, with the reasonably strong economic outlook, we expect lending to remain robust throughout the remainder of the year, although another interest rate rise could dampen growth further.”

Commenting on the savings figures, Mr. Coles said:

“With net receipts into societies increasing only slightly by 1.6% compared to April 2006, it is clear that the rate rises are having only a limited effect encouraging extra saving. This is likely to be a result of the squeeze on household finances, with the 2006 rise in disposable income the smallest since 1982. This has been exacerbated by high inflation and the interest rate rises leading to higher debt servicing costs. Against such a background, it is imperative that people ensure that their finances can withstand any further increase in interest rates."

~Ends~

Funding and Lending Tables

Notes
  1. The Building Societies Association (BSA) represents all 60 building societies in the United Kingdom. Building societies have total assets in excess of £310 billion and hold residential mortgages of almost £210 billion, approximately 18% of the total outstanding in the UK. Societies hold almost £200 billion of retail deposits, accounting for about 19% of all such deposits in the UK. Building societies also account for over 37% of all cash ISA balances. Building societies employ almost 50,000 full and part-time staff and operate through around 2,150 branches.
  2. Photographs of Adrian Coles are available from the BSA press office http://www.bsa.org.uk/mediacentre/contacts/spokespeople or Headline Money http://www.headlinemoney.co.uk/Home.asp?nSection=1
  3. CONTACT: NEIL JOHNSON
    DIRECT LINE: 020 7440 2260
    EMAIL: neil.johnson@bsa.org.uk


© 2005-2022 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in