Mortgage approvals still falling


Premium Member
Just saw this news on BBC, I think it will be quite a long time before the mortgage market gets back to normal, about 3 years?

Mortgage approvals dropped again in October, suggesting that house sales and prices have further to fall.
Bank of England figures show that just 32,000 mortgages were approved, 1,000 fewer than in the previous month.
The number of mortgages approved, but not yet lent, is a good indicator of medium-term trends in lending.

source/full story: bbc
I know it's selfish, but as someone who is trying to sell a house, I really wish banks would stop bringing out reports saying that house prices have further to fall! I realise that sellers want that information, but it becomes a self-fulfilling prophecy - buyers won't buy because they're waiting for prices to drop, so sellers drop their prices to try to shift their property, but then another report says prices have further to fall, so buyers won't buy because they're waiting for prices to drop...