Reduction of Mortgage Approval rates
Our housing market is still showing an ever downward spiral as official statistics showed that the number of mortgage applications that were approved in December 2007 was lower than November, and October. In fact that's a fall for the 7th month in a row.
November saw 81,000 new mortgages being taken out whilst a month later, the end of the year saw this drop to just 73,000. Is this a worrying fact? Or is it just the way the economy and the property market is protecting itself, so we don't see the 'property crash' that we experienced in the 90's.
Whilst approval rates are dropping, could it just be that many people are opting to stay put or rent until the whole market settles down?
The consistently over-inflated growth of house prices over the past decade, has made it increasingly difficult for first-time buyers to get their own home. A big problem resulted from the property development boom and buy-to-let market increase exponentially. This enabled current property owners to invest, but ended up creating a situation where first-timers couldn't get their foot off the ground as average house prices rose to over 8 times average national salaries.
If you are lucky enough to own your own home, why not save yourself the hassle of moving in the current climate. One option that many people are taking, is to stay put but change their home, instead of the address. Getting a home improvements loan can provide the finance you need to improve your home. Fit that brand new kitchen you have always wanted, treat yourself to a luxury bathroom, landscape your garden into a peaceful haven in time for you to enjoy this summer or even think about extending the living space. A loft conversion, converting your garage or building an extension can create extra rooms for you to enjoy.
There are so many benefits of a home improvements loan and it can actually improve the quality and value of your home and usually at a fraction of the cost of moving house.
The message? Save yourself the stress and hassle of moving house. Change your abode, not your address.
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