(1888PressRelease)
November 02, 2007 - London (longdogfinance) : Last month, the mortgage approvals dropped by nearly 20 per cent in comparison to the corresponding figures last September. In September 2007, the mortgage approvals numbered 1,02,000 - the lowest since July 2005.
Strict loan conditions for mortgages, personal loans and secured loans are showing the impact on housing market. Many experts believe that the slowdown in housing market will further accelerate next year as the credit crunch adds to the growing woes of the consumers.
According to an estimate by the Council of Mortgage Lenders, the house price growth would slow down to just 1 per cent from an eventual 7 per cent this year. Michael Coogan of the Council of Mortgage Lenders said: "We now expect a slower mortgage market next year, although by no means a stagnant one."
The property slowdown is likely to manifest itself most noticeably in the next year. The CML is predicting that there would be a 15 per cent decline in property sales during 2008 - down to 1.01 million from an expected 1.17 million this year.
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