The BBC published an interesting article recently, detailing how mortgage approvals have sunk to the lowest level in 2 years.
They slumped to just over 46,000 in November, down from under 58,000 in October, according to the central bank.
The article advises that one analyst said some home-buyers were put off by a surge in mortgage rates sparked by the mini-budget turmoil.
Economists also predicted house prices, which were already down, could fall by up to 10% across the year.
The collapse in mortgage approvals was sparked by the mini-budget plan unveiled by previous prime minister Liz Truss and chancellor Kwasi Kwarteng in September, according to Andrew Wishart, an economist at Capital Economics.
The plan, which promised billions of pounds of tax cuts without explaining how they would be paid for, led to turmoil on the markets, and mortgage rates rising.
Mortgages had already been getting more expensive due to interest rate rises brought in by the Bank of England as it sought to tame the soaring pace of price rises.
During these difficult times, the advice and support of an experienced mortgage broker can be invaluable.
If you would like to discuss things, please don't hesitate to contact me.
Matthew - Roost Finance
