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Monday, March 29, 2010

Mortgage Approvals Stall

Despite boast from the government that the budget's changes to stamp duty (for the next two years first-time buyers purchasing properties worth up to £250K will pay no stamp duty) will give the housing market and, by definition, the economy a much needed boost, reality does not match political spin.

Figures from the Bank of England show that mortgage approvals fell in February by just over 1,000 to 47,094, the third consecutive monthly fall.

This indicates that first time buyers are having trouble raising the loans necessary to buy their homes, it is unlikely that the stamp duty holiday will be enough to change that situation.

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