"Five years after the Northern Rock crisis, banks still haven't recovered their appetite for lending."
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| Link to Daily Telegraph |
"Over the past five years the number of mortgages available to first-time buyers has plummeted by 75pc. ...
"The value of mortgage lending has fallen by two thirds from a record high of
£34bn in June 2007 to just £13bn in July 2012, while the number of house
purchases has fallen dramatically.
"According to the Land Registry, housing transactions reached 120,000 in July 2007, but they now run at fewer than 50,000 a month – a fall of 60pc.
"According to the Land Registry, housing transactions reached 120,000 in July 2007, but they now run at fewer than 50,000 a month – a fall of 60pc.
"To compound borrowers' misery, house prices have dipped sharply. The average
property bought in the summer of 2007 would have been worth £200,623, while
today the average property is worth just £162,126 – a drop of 20pc.
"Grant Shapps, the housing minister, admitted this week:
"It's ridiculously expensive for people to buy houses in this country. I'm in complete agreement that there's a housing crisis."
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