Hi all,
the pound suffered more today as mortgage approvals fell 65% y/y in July, according to the British Bankers Association.
Holy cow!
The number is 22,448 loans, the lowest in 11 years, although up from 22,369 in June, the lowest since records began in 1997. The sterling value of mortgages fell to £3.2 billion, the lowest since 1998. The BBA says it’s premature to think about recovery. Even re-mortgage approvals fell 21% y/y. Clearly lenders are making things harder for buyers, and the government may consider reducing the transfer tax on house purchases to unclog the market.
But prices are still down, with HBOS naming 8.8% y/y for July
Read more at www.rts-forex.com
Maybe i buy a boat instead
Bye for now
IMS Foreign Exchange - Buy Euros - Best Euro Rates
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