UK mortgage approval plummet, some sign of hope!

The devastating impact of the recession on the housing market led to the number of loans approved for mortgages falling by more than two thirds.
Figures from the British Bankers' Association showed that the number of approved loans fell by around 45,000, from 62,363 to a low of 17,421.
The approval rate rose in nearly every subsequent month to reach 45,562, but the green shoots of recovery appear to have been stomped down with approvals dipping again to 30,766 in October 2010.



The housing market is struggling for first time buyers due to the huge burden of increased deposits.
The predicted number of first-time home purchases this year is less than 200,000 - a third of the number in 2001.
The average deposit of almost £30,000 (nearly £60,000 in London) needed by today's first-time buyer is three times the amount of ten years ago, even though house prices have only doubled over the period.
It would take 14 years for someone on the average wage of £25,680 to save that deposit, said the Council of Mortgage Lenders last month.