30-11-2007
Housing market "more robust" than predicted
News by Adfero for Simply Business - independent providers of business insurance, business finance, landlord insurance, buy-to-let mortgages & commercial mortgages.
The UK's mortgage market is slowing at a 'less dramatic' rate than had been previously thought.
Sue Anderson, the head of member and external relations at the Council of Mortgage Lenders (CML), believes that contrary to data recently released by the British Bankers' Association, the latest figures from the Bank of England shows a far less pronounced contraction.
The Bank of England has announced that mortgage approvals last month - for loans aimed at house purchases - declined from September's total of 100,000, to 88,000.
"What we're seeing from the Bank of England's statement out today is a far less dramatic reduction in approvals than the preliminary surveys … had shown," said Ms Anderson.
"Naturally there is a slow down … but I think it is more robust than doomsters have been predicting and that's quite good news for the market," she added.
In related news, Zoe Cruz, the co-president of Morgan Stanley in the US, has left her post as a consequence of the current difficulties in the country's sub-prime mortgage market.