Summer blues in the mortgage market

This summer’s wet weather is cited as one of the reasons why activity in the UK mortgage market was dampened down in June. According to the British Bankers Association (BBA) the number of mortgages approved for purchases dropped by 11% in June compared to May.

Last month was the wettest June since records began and the BBA said that this, along with events such as the Diamond Jubilee celebrations and Euro 2012, took the heat out of the mortgage market.

The number of mortgage approvals for house purchases was 20.5% lower than the same month a year earlier, and was well below the average of the six months to June 2012.

However, if this week’s warmer temperatures has ignited your property search Countrywide’s team of mortgage advisers is on hand to help guide you in the right direction.

 

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Posted by: nicolasevern Categories: Buying, Buying Property, House Prices, Industry News, Latest News, Uncategorized Tags: , , 2 Comments

2 Responses to Summer blues in the mortgage market

  1. avatar Chris Longley says:

    Just goes to show how the property market is struggling when the supposed reason why people are not buying is blamed on the weather.

    There have been a number of bad weather periods in the last 15 years and apart from really bad snow, the weather had absolutely no effect on the upward spiral in property purchases.

    You really do not understand economics and the real causes behind this do you.

  2. avatar Gav says:

    Let’s face it.. it could have been the best Summer on record – and mortgage activity would still have dropped.

    Besides all the sports event people simply do not possess the deposits that banks are requesting – stop blaming the weather when the problem is the elite banking system.

    P.S Kudos to Chris above