Mortgages fall to seven month low

26/03/13

By Tom Midlane

Mortgage approvals fell to a seven-month low in February, according to figures from a leading trade association.

Despite repeated Government attempts to kick-start the housing market, last month mortgage approvals for house purchases were down 6.3 per cent year-on-year, the British Bankers' Association revealed.

The number of mortgages green-lightened also dropped on a monthly basis to 30,506, down from January's figure of 31,983.

In his Budget last week, Chancellor George Osborne last week unveiled the new Help to Buy scheme, which will offers buyers an interest-free loan from the Government and provide a guarantee to underpin a borrower's mortgage.

The new initiative will run alongside the existing Funding for Lending Scheme (FLS), which offers cut-price money to banks and building societies if they increase lending.

Matthew Pointon, economist at Capital Economics, said the latest dip in lending means that the initial boost to mortgage approvals from FLS's launch in August has now been "reversed" and the scheme is "struggling" to make any significant impact.

He said that despite Government intervention, mortgage approvals are refusing "to break out of the narrow band" they have languished in for over three years.

"Although they have cut mortgage rates, banks remain reluctant to lend given the evidence that house prices are overvalued," Mr Pointon added.

"The Help to Buy scheme is designed to address this hurdle, but it will not start until 2014 and success is far from guaranteed."

IHS Global Insight economist Howard Archer said February's fall was a reminder that while the housing market may have stabilised, it was "far from racing ahead".

Gross mortgage borrowing stood at £7.8bn in February 2013, with repayments totalling £8.2bn.

Firms also continued to pay back debt faster than they take out new loans, with borrowing by non-financial companies falling by a net £1.8bn in February, the study showed.

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Month in Review: February in Design

AppId is over the quota
AppId is over the quota

Blame it on the final stretch of winter, but February had us yearning for warmer places and outdoor settings at Remodelista. Some stories took us around the world: we obsessed over an eco-friendly retreat in the high desert of California and longed to visit the summer in a quiet fishing village in Brazil. With the new season approaching, we also had our eye on clean spaces and spring colors. We found inspiration from a minimal and open box house featured on Design Boom, as well as from a light-filled New York loft documented on An Afternoon With by Michael Mundy. In terms of what's new and next, Yatzer took us to the world of color, giving readers a look inside the studio of designer Phil Cuttance and his FACETURE project, while Gwyneth Paltrow blogged about her day at the biannual home décor and furniture trade show Maison & Objet in Paris.

Like it or not, February marks the celebration of romance, and we enjoyed Valentine's Day stories across the blogging world; from the SF Girl By Bay's post on bold uses of the color pink to Design Sponge's tips on creating a romantic tablescape using vintage glass. Remodelista visited a retro workshop in Los Angeles that brought us back to our school days of creating our own handmade valentines.

Lastly, February brought the kickoff to the world calendar of fall fashion shows with New York Fashion Week. Designers, models, bloggers, editors, and the rest of the sartorially inspired gathered to show and take in all the new innovations in style. The week delivered a range of stories; from the "thrill ride" of Proenza Schouler as described by the LA Times blog, to the bronzed cheeks of the Rodarte models. And with the launch of Remodelista's Style Counsel earlier this year, our editors are also engaging in the dialogue of fashion, and will be divulging the "sartorial secrets of our friends in the design world" all throughout the year.

Guest post from the editors at Remodelista, the sourcebook for the considered home.

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