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House Market Slows

Data from the Bank of England shows that the number of new mortgage approvals has fallen to their lowest level since April, with around seven thousand less new mortgages in August than the month previous.

With both July and August showing signs of a slowdown in the market, it is looking increasingly like this could be a permanent cooling of the boom, figures for September should make for interesting reading, as not only are they coming off the back of these previous drops, but also may be influenced by the general turmoil in the finance sector that hit that month.

Not only have new mortgages seen something of a slowdown, equity withdrawal too has seen a downturn, with the second quarter of this year dropping from 13 to 10 billion pounds. Equity withdrawal is where people remortgage to free up some of the money they have tied up in their property, usually taking advantage of an increase in its value.

Whether all this is seen as good news or bad news depends very much on the individual’s circumstances, those looking to get a foot on the first rung of the property ladder will no doubt see slowing prices as a good thing, as it means the affordability will be coming back into reach for them. For those looking to move home too, this news will be largely welcomed, as lesser percentage rises in house prices benefit them, unless they are moving to a property that is worth less than their current one.