Mortgage Slump

Mortgage lending in the UK has slumped to a record low, the British Bank Association reveals. The BBA accounts for two thirds of mortgage lending in the country. Figures for August show that 21,086 mortgages were approved in August, down 64% on last year’s figures.

August was perhaps a particularly slow month as potential buyers waited for the possibility of Stamp Duty being removed completely. The removal of Stamp Duty on homes between £125,000 and £175,000 for a year was met with much criticism, many buyers conceding that it would make little difference to their ability to purchase a property. The BBA’s statistics director, David Dooks, said: “Falling property prices, economic pressures on households, tighter lending criteria and anticipation of the government’s announcement on stamp duty all suppressed or delayed demand in August and will continue having an impact in the months ahead”

The levy of Stamp Duty for homes under £175,000 has been widely criticised as not enough to stabilise the current housing market. Howard Archer, chief UK economist at Global Insight commented: “it is unlikely that the recently announced government measures to support the housing market will have a significant impact in stabilising activity or prices”

Although the situation of the housing market continues to be unstable, Swift Capital can offer homeowners a quick and efficient way out of selling their homes. We make it possible for you to sell your house fast as we will buy any property in any condition. Our service takes away the time, cost and hassle of a regular sale.

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