Home | Links | Contact Us | Press | Post a job | Bookmark
Search Available Jobs:
Home Latest press releases Mortgage-lending-falls-as-housing-market-slows


 Clinical Sales Specialist-Raptiva
For 30 years, Genentech has been at the forefront of the biotechnology industry, using human ...


 HUMAN GENETICIST MD OR PhD
  DSM Nutritional Products Ltd is the world's leading supplier of vitamins, ...


 Specialty Pharmaceutical Sales Rep
Seeking an experienced pharmaceutical sales rep with 1-2+ years of experience with an interest in ...


 Medical Science Liaison-CVM Southwest
SOS has NATIONWIDE Medical Science Liaison (MSL) opportunities working with one of the largest ...


 Manager, Sales Analytics - Aesthetics
Sales Analytics manages and directs the utilization of resources necessary to achieve successful ...


 Financial Systems Specialist
Develop and maintain a variety of automated processes and reporting tools to assist the Finance D...


 Clinical Research Associate
Major Illinois-based pharmaceutical company looking for a Regional Clinical Research Associate in P...


 Sr. Brand Manager/Brand Manager
Sr. Brand Manager/Brand Manager:   Join a growing dynamic Pharmaceutical company. We seek a ...


 Help Desk/Support Administrator
Overview:The Support Administrator is responsible for effectively and efficiently managing the ...


 Regional Clinical Research Associate
We have a need for a Contract Regional Monitor/CRA that's is located in either Denver, CO, Phoenix, ...


 Mortgage lending falls as housing market slows

Further clear signs of a slowdown in the housing market emerged today as lenders said the amount of money borrowed for mortgages fell significantly in August.

According to the Council of Mortgage Lenders (CML), total lending for mortgages slowed to ?25bn in August, 13% lower than in July and just 3% higher than August 2003. By contrast, July saw lending increase by 3% compared with June, and 13% compared with July 2003.

People's appetite for buying houses seems to have cooled following five interest rate increases over the past year; lending to people buying property, as opposed to remortgaging, dropped by 18% between July and August to ?11.9bn. Mortgages for house purchase made up 48% of total lending, down from 51% in July.

The number of loans made to people buying property fell by 20% to 104,000 in August, down from 130,000 in July and 116,000 in August last year.

Fewer people were ready to take a chance on interest rates too. The proportion of people choosing variable rate mortgages, where monthly repayments go up and down along with the Bank of England's base rate decision, went down to 56%, compared with 60% in the previous month.

The figures follow warnings from the Bank of England last week that house prices may see falls of up to 30%, while the National Association of Estate Agents said that eight out of 10 of its members believed prices had reached their peak.

Michael Coogan, director general of the CML, said: "This month's figures seem to suggest that the slowdown recorded by estate agents and reflected in recent approvals figures is beginning to make its way through the lending system." However, he added that we may be in for data showing "bumpy" progress in the market rather than a smooth, consistent slowdown.

"What does seem clear, taking all the market data together, is that the market is slowing down," Mr Coogan added. However, a crash in the property market may yet be averted: "While we need to remain alert to the possibility that there could be a bounce back next year if consumers become complacent about the future direction of interest rates, all the evidence so far points to the likelihood of an orderly soft landing, in line with our expectations."

The British Bankers Association (BBA), which released its lending figures today, said that mortgage lending had seen the weakest increase since June 2002, at ?4.4bn.

David Dooks, BBA's director of statistics, said: "Notably weaker mortgage growth in August came as no surprise following the sharp reduction in approvals seen in July and may be a sign that mortgage demand is moderating in the face of tighter household budgets and a slowing housing market."

Figures released today by the Building Societies Association (BSA) told a similar story. Gross lending increased from ?3.8bn in August last year to ?4.7bn this year. However, approved loans; those that have been agreed but not yet completed, fell to ?3.6bn in August this year, down from ?3.9bn in August 2003.

Adrian Coles, director general of the BSA, said the figures suggested we had "reached a turning point in the housing market".

Commenting on today's lending figures, Howard Archer, economist at investment firm Global Insight, said: "Evidence that the housing market is losing momentum is currently coming thick and fast. Markedly weaker mortgage lending and approvals in August, evident in the data today from the British Bankers Association, Building Societies Association and Council of Mortgage Lenders, points to a further softening in house prices in the near term at least.

He added: "It is still difficult to be totally confident that the housing market slowdown is more than just a temporary lull in activity, although we suspect that it is."

Although the Bank of England is likely to be pleased by its success in reining in the property market, Mr Archer said a quarter point increase in interest rates was still likely in November.


Related jobs
  Managing Editor/Medical Writer - Medical Association Journal (to $60s)
The Managing Editor manages and operates the editorial office; plans, coordinates, edits and proofreads manuscripts, articles and additional copy; develops publication ...
  Histologists & Biologists Needed
We Can Discover More Together   Science and engineering that changes the world. Next-generation electric utility power generation projects and cleaner air. P...
  Chemical Operators
Huntsville manufacturer of reagents for the pharmaceutical industry has an immediate need for 4 contract Chemical Technicians in its local facility. This is shift work-...
  Environmental Program Manager
Clean Harbors Environmental Services is North America's leading provider of environmental and hazardous waste management services. With an unmatched infrastructure of 48 ...
  Insect Specialist- PT- Great for ASU Bio Student!
Kelly Scientific Resources, a leader in scientific staffing throughout the Valley and the world, has an opening for a part time lab technician at a personal care & ...
  Geologist - Phase I ESAs
DO THE BEST WORK OF YOUR LIFE... URS is the largest global engineering design firm and a leading U.S. federal government contractor providing a comprehensive range ...
  Principal Scientist - Combat Insect Control R&D
Business Unit: Henkel Consumer Goods Inc Department: Technology Job Status: Exempt Salary Min: $67,850 Salary Mid: $88,200 Salary Max: $108,560 Incentive Plan: 15% Job ...
  Cultural Resources Specialist (2 Positions Available)
RESPONSIBILITIES: Position entails cultural resources project participation: records searches, archaeological surveys, testing and data recovery/mitigation, artifact ...
  Saltwater Aquarium Service Technician
MUST LOVE MARINE AQUARIA FUN JOB WITH MANY PERKS  D.L./FBI CHECK PROFESSIONAL APPEARANCE CARE FOR SWIM & REEF AQUARIUMS IN THE PHX/SCOTTSDALE AREA NO OFFIC...
  A Great Chem Tech needed for SW Valley! Flex hours, high pay!
High paying chemistry technician position in Gila Bend AZ! This is a temporary position for 2-3 months, part time, but it could turn into a full time position for the ...

Related press releases
How to finance your course
There are many factors involved in choosing whether to do an MBA - and not least of them is the ability to fund your learning. Here are six key options that you might...
Over half of Britons 'ignore their finances
Most people bury their heads in the sand when it comes to their finances, and lack the knowledge and confidence to make decisions, according to research published today. ...
B&B chief rounds on critics
The chief executive of the specialist mortgage bank, Bradford & Bingley, yesterday hit out at rivals who have criticised its "risky" strategy of focusing on buy-to-le...
No-proof home loans 'invite disaster
One of Britain's biggest building societies yesterday said mortgage deals that allow people to sign up without having to prove their income were "an accident waiting to h...
Day of reckoning for Isas
Individual savings accounts - Isas - have reached a crossroad. The tax saving investment wrapper is about to lose one of its best-known plus points. The government also...
We like Innovative new loans
GMAC have announced a 25-year fixed rate at 5.95% with features not previously available. It is completely penalty-free after seven years and can be mixed with a penalt...
We don't like Standard variable rate
Nottingham building society has increased its standard variable rate (SVR) by 0.35% to 5.89% in response to the 0.25% rate rise last week. The Nottingham claims this is...
Sterling surges after Bank hints at rate rise
Sterling surged higher on the foreign exchanges last night after strong hints from the Bank of England that interest rates will need to rise further to keep inflation in ...
Friends Provident cuts with-profits bonuses
Friends Provident today became the latest life insurer to announce it was slashing the rates it paid to its long-term savers. The group said that the final payouts on w...
Buy-to-let market continues to grow
Investors piled into the buy-to-let market in 2003 as the number of specialist landlord mortgages rose by 48% over the year, according to a report released today by the ...
0.634

Archive: All jobs - Links

Copyright (c)2006 Efbf.org/jobs - All rights reserved