Evidence of UK home-buying transaction decline mounts, with disconcerting figures. New home mortgage tallies dipped in June, with loaning institutions approving fewer home buys within the time period. Gross mortgage loan stats were up a smidgen from last year’s same-time numbers, but they were nearly identical to the month prior. Quenching in the house market sector can be further viewed as mirroring several other key UK fiscal factors. These include real wages, which are expected to fall. Meanwhile, the securing of personal loans and overdrafts has fallen, though credit use has gone up.
Key Takeaways:
- Banks approved some of the lowest numbers for new home mortgages. These figures are based on home mortgages in the UK.
- That change in home mortgages put the squeeze on consumer credit. These changes could have an impact on UK economic markets.
- Consumers should take note and adapt their spending strategies. Be wary of signing on to home mortgages during bad economic times.
“Banks approved the lowest number of new home mortgages for nine months in June, adding to evidence of further cooling across the UK housing market.”
Read more: https://www.aol.co.uk/money/2017/07/26/lowest-number-of-new-home-mortgages-approved-for-nine-months/